• The town of Brasher, New York has put in place a six-month moratorium on cryptocurrency mining operations.
• The moratorium is set to go into effect April 30 and will expire October 31 unless it gets renewed by city council members.
• Town Supervisor Mark A. Peets believes there’s too much concern surrounding the amount of electricity that such operations often require.
Crypto Mining Moratorium in New York
The town of Brasher, New York has implemented a six-month crypto mining moratorium to protect the public interest and welfare of its residents until comprehensive regulations are adopted. The moratorium is set to go into effect April 30 and will expire October 31 unless it gets renewed by city council members.
Concerns Around Energy Usage
Town Supervisor Mark A. Peets believes there’s too much concern surrounding the amount of electricity that digital currency mining operations use, which could potentially put a burden on the electric system that is meant for other purposes. He also noted that one unnamed company had inquired about setting up shop within the region’s borders but he was not sure if Brasher had the resources necessary for this enterprise.
Why Impose Moratorium?
Brasher representatives believe that implementing a moratorium on cryptocurrency mining activities will help protect residents from any potential harm associated with these activities before regulations can be established for them in the area. As of now, there are no regulations specifically regulating crypto mining operations except for this current moratorium within the town itself.
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Conclusion
The town board of Brasher in New York has decided to impose a six-month moratorium on all digital currency mining and related activities due to concerns around energy usage and lack of regulation regarding such activities. This will hopefully give them enough time to establish proper regulations before allowing any crypto enterprises within their borders so they can ensure residents safety and welfare at all times!