Genesis Mining Company Leaves New York Over BitLicense

Genesis Mining is the latest company to leave New York in response to the BitLicense.

In a blog post published yesterday, the cloud mining company, which claims to have more than 50,000 customers, said it had no choice but to block any IP addresses originating from New York using its service.

“While the BitLicense appeal is to protect consumers, it really stifles innovation. It’s complicated, expensive, and comes with a set of guidelines that are nearly impossible to follow.”

Between the introduction of the controversial legislation and the Aug. 8 filing deadline, 10 bitcoin companies have announced they are leaving New York, including Kraken, GoCoin and peer-to-peer marketplace LocalBitcoins. Some companies cited privacy concerns, while others declined because of upfront costs and paperwork.

Genesis Mining Company stands by its position that there is no need for legislation. Red tape will only hinder innovation in the country, and a relaxed national environment is conducive to the thriving development of the industry.