Why Are Cryptocurrency Miners Such As Riot Blockchain, Marathon Digital Holdings Relocating?

As of Friday morning, cryptocurrency miners such as Marathon Digital Holdings Inc (NASDAQ: MARA ) and Riot Blockchain Inc (NASDAQ: RIOT ) have risen 16% and 5.4% respectively, moving in a positive direction away from recent lows. New York Legislation Update: New York lawmakers are now awaiting Gov. Kathy Hochul’s decision to sign or veto the two-year moratorium on crypto mining operations using proof-of-work authentication methods, unless 100% renewable energy is used. Due to recent legislation and soaring energy prices, cryptocurrency miners are relocating to states that are pro-crypto, have low energy costs and offer tax incentives. The Move To Texas: On July 6, Riot Blockchain announced its transition of nearly 5,700 offline S19 miners from its CoinMint facility in Massena, New York to its Whinstone facility in Texas. According to Riot’s press release, the relocation of miners is expected to reduce its cost of production through lower power costs and by eliminating all third-party hosting fees. Jason Les , CEO of Riot Blockchain said on Wednesday, "We are pleased to report that during the ... Full story available on Benzinga.com