Tech on the Ballot

I received an interesting email from Coinbase today, urging me to ask my New York State lawmakers to vote against banning crypto mining in the Empire state. The Coinbase email is the first I’m hearing about the potential ban, but it got me thinking: are tech and politics the two-headed beast of our times? Today, we look at several examples of the intersection of tech and politics.

Crypto Mining vs. New York State
Mining is a competitive process to create long, complex, and unique identifiers to add to the blockchain. But mining uses huge amounts of energy. Bitcoin and Ethereum, the two largest coin types, utilize power that is equivalent to the entire power usage of Indonesia. This large use is why New York State Assembly’s Conservation Committee voted to establish a moratorium on mining (S.6486D) and why Coinbase was trying to get me to act this morning.

On Tuesday, the Biden administration received a strongly-worded letter from various NGOs requesting a similarly hard stance on the proof-of-work process, citing environmental impact, siphoning of taxpayer resources, and electricity price hikes.

Startup Valuations and The Fed
We’re presently experiencing the worst tech sell-off since the 2008 recession. As companies get revalued on the public markets, private companies have to readjust their spending habits. The tech industry isn’t immune to economic uncertainty. Higher interest rates, inflation, and rising costs due to pandemic-related supply chain problems are all factors contributing to technology’s downturn. For a more in-depth look at this issue, read up on the discounted cash flow model.

The FCC and Net Neutrality
Net neutrality is defined as “the idea that Internet service providers like Comcast and Verizon should treat all content flowing through their cables and cell towers equally.” For instance, the FCC went after Apple after finding it blocked users from using Skype on their phones. After legislative protections were passed during the Bush and Obama administrations, those protections were lost during the Trump years. Now, President Biden’s nominee for the FCC, who favors net neutrality, is facing an uphill battle to confirm her appointment.

Check out our previous articles on antitrust lawsuits, privacy blocking, and discrimination legislation.