Big Bitcoin miner is standing still for the time being, here’s why

This large Bitcoin miner is not allowed to get started in the coming period. Why? A case of regulation.

When China banned mining (and just about anything crypto related) you saw an exodus from the country. Miners moved to other countries. You saw a big rise in crypto mining in the United States. But here too everything is not as easy as you might think.

A large Bitcoin miner, based in the American state of New York, has no right to start its activities for the time being. All this has to do with a decision that has yet to come from the Ministry of Environmental Protection. The ministry has not yet given permission for this large Bitcoin miner to get started. The decision was supposed to come already, but has now been postponed. The expected decision is March 31, 2022. Two months later than planned.

This is not about a Bitcoin miner who wants to start up his computer, but about a professional data center. That is quite sensitive. Governments are concerned about the carbon footprint of mining cryptocurrency on a large scale.

Delaying this decision had no major negative or positive impact on Bitcoin’s price. You often see with big news that it influences the price. But that could just change at the end of March, with a yes or no from the ministry. (via Bloomberg)