The Problem with Crypto


I want to applaud State Representatives Catherine Rombeau and Sue Mullen for voting against HB1503. This bill will exempt crypto sales from state security laws as a way to encourage crypto mining in New Hampshire.  With the proliferation of crypto currencies, many of them are nothing but scams.  If New Hampshire is not allowed to regulate these crypto currencies, you could soon be getting more calls selling you crypto currencies than you now get trying selling you an extended car warranty. 

The bill is ultimately a political stunt, since crypto mining operations flock to where power is cheap and regulation is lax.  As we all know, New Hampshire is not the place to find cheap electricity.  Even if a crypto mining company did relocate to some part of New Hampshire where it thought it could profit, this would not be good for New Hampshire.  Crypto mining does not create jobs.  All it does is consume electricity - huge amounts of electricity - to power computers that try to beat all the other computers in the world to solve complex calculations that allow them to win a contest to claim the next bitcoin or whatever.  In a time when the climate crisis is affecting everything around us, why do we want to waste electricity to promote crypto currency of questionable value? 

I have no idea why our Republican State Representatives think this is a good idea.  I have asked them and not gotten a response.  I think you should ask them too.