New York State Governor Kathy Hochul has signed a moratorium bill on cryptocurrency mining using carbon-generated electricity.

A screenshot of her decision was published by New York Assemblywoman Anna Kelles, who initiated the bill. She called the move “a huge victory for the planet.”

The document would freeze current levels of carbon emissions from mining. Companies operating under such a scheme will not be able to expand operations. Authorities plan to study the potential environmental impact of Proof-of-Work (PoW) mining over a two-year period.

In February, New York gubernatorial candidate Juman Williams called on incumbent state authorities to ban bitcoin and other cryptocurrency mining on PoW.

In April, a group of U.S. congressmen asked the Environmental Protection Agency to check the mining industry for environmental risks and compliance with relevant laws. That same month, the New York Assembly approved two years of restrictions on cryptocurrency mining.

The bill was later supported by state senators, but was criticized by incumbent Mayor Eric Adams.

Industry representatives said that the moratorium would lead to an exodus of the cryptocurrency mining business and would do little for the bill’s stated goals.Recall, experts from the Cambridge Center for Alternative Finance concluded that bitcoin mining produces 0.1% of global CO₂ emissions.

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The post New York imposed a two-year moratorium on mining appeared first on The Chain of Transactions.

Now it is critical for bitcoin (BTC) to hold the $16,000 level. If this does not happen, the price of the main cryptocurrency may update the multi-year low.

Dave the Wave is a famous cryptoanalyst, whose “twitter” is followed by more than 130 thousand users. Yesterday he published in his microblog an updated model of the logarithmic growth curve (LGC) of bitcoin.

According to his charts, bitcoin today is exactly on the lower end of the long-term logarithmic curve, which has historically acted as support. BTC has already had price action below this curve in its history, such as in the bear market of 2015 or during the COVID-19 collapse in March 2020.

In past cycles, however, such declines have not lasted long, and bitcoin has quickly regained its long-term support. This usually signaled the end of a bear market and the beginning of a new bull market.

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The post All or Nothing: two scenarios for bitcoin! appeared first on The Chain of Transactions.

Analyst firm Chainalysis compared the collapse of FTX to the decline of Mt.Gox to determine how FTX’s bankruptcy would affect the ecosystem. According to Chainalysis, FTX’s bankruptcy is likely to have relatively less impact on the crypto ecosystem than Mt.Gox’s collapse.

Analysts concluded that FTX was a relatively smaller part of the crypto industry than Mt.Gox was at the time, and that the industry should recover faster than ever.

In a Nov. 23 Twitter thread, Chainalysis lead researcher Eric Jardine began his research by comparing the market share of the two firms, finding that Mt Gox averaged 46% of all exchange flows in the year leading up to its collapse in 2014, compared to FTX’s average share of 13% over the 2019 to 2022 period.

Jardine notes that in 2014, when Mt.Gox collapsed, centralized exchanges (CEX) were the only major players in the industry, while in late 2022, nearly half of all exchange inflows were captured by decentralized exchanges (DEX) like Uniswap and Curve.

Jardine believes that while there are other factors, such as Sam Bankman-Fried’s extensive public presence, “the comparison should instill optimism in the industry,” because when it comes down to market fundamentals. There’s no reason to think the industry can’t recover from this by becoming stronger than ever.

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The post The cryptocurrency experienced events that were worse than the fall of FTX. appeared first on The Chain of Transactions.