Famous TV personality Kevin O’Leary said that New York should move away from the Proof-of-Work (PoW) ban, which covers DOGE and various altcoins. Such a move, according to the billionaire-name, will only drive pro-crypto investors and their capital away from the state. Here are the details…
The law against PoW used for DOGE has drawn the backlash of billionaires
As we have also reported on Kriptokoin.com, the New York State Legislature has passed the two-year-old banning PoW mining facilities that use carbon a month ago. passed a law. The bill, currently pending Senate approval, has been welcomed by environmentalists who advocate reducing carbon emissions. On the other hand, O’Leary thinks the move will make New York “uninvestable” along with California and Massachusetts.
O’Leary said the appeal against the crypto business was a huge mistake. New York says miners are failing to take advantage of the abundant hydroelectric power source. Most miners prefer to use renewable energy instead of carbon fuels. The Shark Tank millionaire investor also said that the government can derive many benefits from the cryptocurrency business, such as taxes. “They can get a lot of tax and good jobs out of it and all they do is scare away capital,” he said.
O’Leary: I relocated my investments
As an example, O’Leary recorded his personal experience saying that he moved his investments from New York to Norway. California and Massachusetts were also blacklisted in the investment ledger. Instead, the entrepreneur said he would place his capital in Texas and Florida. The duo thinks they have set crypto-friendly policies, knowing that digital assets will “not perish”. Texas, for example, invited miners to use its cheap and abundant energy. Occasionally, crypto firms receive warnings to turn green or go home. While the amendment received support, miners also reminded the public of the negligible energy use of PoW.
Examples of PoW altcoins include DOGE, as well as Bitcoin Cash (BCH), Monero (XMR), Ethereum Classic (ETC), Decred (DCR), Siacoin ( It can display cryptocurrencies such as SC), Horizen (ZEN), DigiByte (DGB), Nervos Network (CKB), Syscoin (SYS) or Kadena (KDA).
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