• Block Fusion is being granted permission to set up a crypto mining facility in New York.
• The Niagara Falls Planning Board approved the company’s application for an energy use permit.
• Recent actions from the state of New York have been largely negative towards cryptocurrency, including a two-year moratorium on crypto mining and lawsuits against multiple companies.
Block Fusion Granted Permission to Set Up Crypto Mining Facility
The Niagara Falls Planning Board in New York has given approval to crypto mining firm Block Fusion to move forward with its blockchain and crypto extraction plans following a long legal battle. The firm was granted a high-energy use operating permit from the city, allowing them to operate their energy intensive mining rigs and other machinery.
History of Negative Behavior Towards Crypto from New York
New York’s history with cryptocurrency has been largely negative, including a two-year moratorium on crypto mining that prevented any digital currency businesses from setting up shop in the Empire State unless they operated fully on clean energy. The state expressed concern that the amount of energy used for crypto mining was having harmful effects on the planet. In addition, Attorney General Leticia James has sued multiple companies like Ku Coin and Celsius for alleged fraud and illicit behavior. Lastly, the state issued the BitLicense back in 2015 which imposed heavy regulations along with high documentation fees on all crypto companies operating within its borders.
What Does This Mean For Crypto?
The recent news about Block Fusion is an encouraging sign that New York may be softening its stance towards cryptocurrency despite its overall negative attitude over the years. Allowing this type of business to operate could open up more opportunities for innovation within the digital currency space while still protecting consumers and investors through stringent regulation and oversight measures put in place by local authorities.
What Does This Mean For Block Fusion?
This decision by the Niagara Falls Planning Board could potentially mean big things for Block Fusion as they are now able to proceed with their plans without any further obstacles or delays caused by regulatory issues or lack of permits. This will likely lead to more bitcoin and other cryptos entering circulation as they continue their operations in New York City.
Will Other Companies Follow Suit?
It remains to be seen if other companies will follow suit and apply for permits or licenses in order to start operating similar businesses within New York City limits but, one thing is certain: if this turns out successful then it could open up even more opportunities for innovation within this space as well as providing additional protection for consumers when dealing with cryptocurrencies online or otherwise.