Digital Currency Group’s NY Expansion In Doubt After Crypto Mining Ban

Digital Currency Group (DCG) CEO Barry Silbert expressed doubt over the company’s New York expansion if a crypto mining ban became law.

DCG- which owns asset manager Grayscale, is preparing to build its second massive office in Buffalo, New York. However, it seems the plans will be dropped as the New York Senate has passed a bill with a two-year moratorium on new permits for certain power plants involved in crypto mining.

DCG’s Barry Silbert Calls to Prevent Crypto Mining Ban

Digital Currency Group (DCG) claims to be one of the largest employers in New York State, with more than 150 employees in Rochester. Moreover, the company is planning to build a massive office in Buffalo amid growing demand from clients. DCG is the parent company of top crypto firms including Grayscale, Genesis Trading, and Foundry.

Commenting on the impact of the crypto mining ban, Barry Silbert said:

“We’re one of the biggest employers in western NY with 150 employees in Rochester and we’re building a second massive office in Buffalo. This moratorium bill is a job killer and sends a terrible message to crypto entrepreneurs. If this moratorium bill passes, I don’t think we will be.”

Barry Silbert claims the passing of the moratorium bill will kill jobs and innovation. Moreover, it will result in companies moving to neighboring states and resuming their crypto mining operations.

Furthermore, DCG’s mining subsidiary Foundry released a statement on the two-year ban on crypto mining in the state. Foundry says other states such as Washington and California are studying the technology before taking any decision, New York should take a similar approach and grow as a crypto innovation hub.

DCG Grows Hiring Amid Crypto Job Cuts

At a time when several companies such as Coinbase, Gemini, Robinhood, and Bitso, plan job cuts and freeze hiring, DCG has increased hiring amid growing crypto adoption and demand from clients. Moreover, DCG is actively investing in other crypto and web3 companies, helping them grow.

The crypto mining ban will impact small companies and the jobs of people looking for lucrative careers in the innovative industry.