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U.S. attorney general stresses crypto carries many risks
As the U.S. pursues a goal of banning PoW mining,attorney general Letitia James has stressed that investors are "losing billions of dollars" in crypto and that even well-known and well-known digital assets traded on reputable exchanges could collapse. James argues that crypto investments bring "more suffering than benefits" to investors.
investing Besides, James urged people to be more cautious when investing in crypto. These investments can become a source of anxiety instead of bringing good luck by factors such as market unpredictability, difficulty withdrawing cash, high transaction costs, and the instability of some stablecoins. James also reminded investors that many digital currencies are unregulated.
PoW mining ban bill passes
The warning came as the New York State Senate passed a bill banning PoW mining. If the bill passes Gov. Kathy Hochul, new mining operations will be banned and those with operating licenses will not be able to renew their licenses. Meanwhile, Kenya-based energy company KenGen has urged Bitcoin miners (BTC) to buy its excess renewable energy.
As the Bear market continues, BTC mining revenues are also trending down. On May 24, daily mining revenue recorded an 11-month low of $22.43 million, less than half the figure recorded at the start of May 1 ($40.57 million).
