Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

EXCLUSIVE: New York Bitcoin Bill Is Illogical, Plays Politics With Bitcoin Mining, Marathon Digital CEO Says

Stock Markets Jun 07, 2022 23:10
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. EXCLUSIVE: New York Bitcoin Bill Is Illogical, Plays Politics With Bitcoin Mining, Marathon Digital CEO Says
 
BTC/EUR
+1.41%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BTC/USD
+0.78%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BTC/EUR
+1.41%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BTC/JPY
+1.49%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BTC/USD
+0.81%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BTC/JPY
+1.24%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

New York lawmakers passed legislation banning the use of carbon-based energy sources for the mining of Bitcoin. If the bill goes into law by Gov. Kathy Hochul, it could have an impact on companies currently mining Bitcoin.

New York would be the first state in the U.S. to ban particular Bitcoin (CRYPTO: BTC) mining, which could have a ripple effect across the country.

What Happened: One company that could be affected by the Bitcoin mining legislation in New York is Marathon Digital Holdings Inc (NASDAQ: MARA) whose CEO shared comments about the bill.

“It was passed to stop fossil fuel based power generating sources in New York. If they have wanted to do that, it would have been much more practical just put in place a moratorium that was not industry-specific,” Marathon Digital CEO Fred Thiel said.

Thiel questioned why the bill targets Bitcoin specifically and not just the overall fossil fuel energy market.

“It’s illogical so it clearly and specifically designed to target proof-of-work mining. I think, it is specifically targeting Bitcoin as opposed to achieving the broader needs of the state.”

Thiel called Bitcoin miners customers of electric companies and not owners of the power-generating resources.

“This is a bill that I think specifically playing politics with Bitcoin mining. This is political jockeying going on.”

Related Link: Exclusive: Marathon Digital CEO Talks Bitcoin, El Salvador News, Crypto Volatility On PreMarket Prep

What’s Next: Thiel said the bill could have ramifications, including no Bitcoin miners wanting to operate in New York.

Thiel said the electrical union was against the bill and there could be a loss of job opportunities in the state.

The bill could also divide states on whether they support or are against the same practices such as New York. “When New York bill passed the state senate in New York, Texas basically said hey we are open for miners come mine here,” Thiel said.

Thiel said a lot of states are open to Bitcoin mining naming Texas, Nebraska, South Dakota, North Dakota and Georgia.

“I think you may see California to do something like it, it would not surprise me, but I think this is going to be limited to states where there has been Bitcoin mining previously.”

Thiel said Marathon Digital is focused on being a good corporate citizen. Marathon participates in programs where it can shut down its systems when the grid needs extra energy.

“You can shut us down in 10 minutes and we can be back up and running in 20 minutes. You can’t do that to a car assembly plant, you can’t do it to a food and processing company, you can’t do it to an aluminum plant.”

Thiel said this is an example of how Bitcoin miners can work with energy companies.

MARA Price Action: Marathon Holdings shares trade at $8.69 on Friday.

Additional reporting by Zoltan Suranyi

Photo: Screenshot of Fred Thiel via Marathon Digital Holdings YouTube video

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read at Benzinga

Read the original article on Benzinga

EXCLUSIVE: New York Bitcoin Bill Is Illogical, Plays Politics With Bitcoin Mining, Marathon Digital CEO Says
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email