The Niagara Falls Planning Board in New York is permitting a crypto mining facility known as Block Fusion to move forward with its blockchain and crypto extraction plans following a long legal battle. The company recently applied to set up quarters in the Empire State, and those on the planning board heard no objections to […]
The Niagara Falls Planning Board in New York is permitting a crypto mining facility known as Block Fusion to move forward with its blockchain and crypto extraction plans following a long legal battle. The company recently applied to set up quarters in the Empire State, and those on the planning board heard no objections to the firm going ahead with its agenda.
New York and Crypto Can’t Seem to Solidify Their Relationship
Block Fusion has received a high-energy use operating permit from the city to ensure that it can operate its energy intensive mining rigs and other machinery, which will ultimately lead to more bitcoin and crypto units being moved from the blockchain and placed in circulation.
The news comes at a rather unusual time given how nasty New York has been towards crypto. The recent headline has a lot of people wondering, “Why can’t the region just make up its mind about crypto, already?” At one moment, it appears to hate crypto with a passion, and it’s hellbent on making sure there’s no innovation within its borders pertaining to the digital currency arena. The next minute, it’s on the verge of bowing down to it and making it a national currency of sorts.
Some of the negative behavior stemming from New York towards bitcoin and crypto resulted in a current two-year moratorium on crypto mining. This moratorium prevented any digital currency mining businesses from setting up shop within New York unless they operated fully on clean energy. The state expressed concern that the amount of energy utilized for crypto mining was bringing the planet to its knees and taking it down a dark and irreversible path.
In addition, the state’s attorney general Leticia James has made a real name for herself in recent weeks suing practically every crypto company she can, from Ku Coin to Celsius. She says that these companies engaged in fraud and other illicit behavior, and she’s set on ensuring these companies get the penalties they deserve and that they cannot take advantage of native residents (or their money).
Lastly, the state issued the BitLicense back in 2015. This document called for heavy regulations to be imposed on crypto companies along with high documentation fees. It all proved too much for several companies, which merely packed up their bags and left the Big Apple for good.
All this (and more) would suggest the Empire State doesn’t care for crypto and wants nothing to do with it, but the news related above says otherwise. Also, it was recently mentioned that New York is now looking into crypto for payments, something nobody saw coming in any way, shape, or form.
Set in Stone?
Planning Board Chairman Tony Palmer said:
At our last meeting, we were told this is pretty cut and dried. There’s not much we can do.
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