Early Friday morning, New York lawmakers passed a bill that would ban any future Bitcoin mining operations not using 100% renewable energy. As of now, the bill is moving to the desk of the governor who can sign it or veto it.

In hindsight, it won’t matter if the bill gets vetoed. Nobody is going to set up a facility there after legislation like this almost gets passed.

This now places New York and China in the same tyrannical jurisdiction bucket. Embarrassing.

The White House is “teeing up policy recommendations to lower cryptocurrency mining’s energy consumption and emissions footprint,

Trying to restrict Bitcoin miners will only incentivize them to build operations elsewhere.

The recent downward difficulty adjustment and falling hash rate appear to be weighing on the hash ribbon metric. The moving averages haven’t crossed yet, but another sharp price decline would potentially force a significant number of old generation ASICs off the network.

While we haven’t had any severe form of miner capitulation yet, it’s something to keep an eye out for as that has historically marked clear Bitcoin price bottoms.