Proof-of-Stake (PoS) tokens to get after potential ban of PoW

  • June 3, 2022


The New York Senate approved a bill that would ban crypto mining in the state following an early vote.

The bill is now headed to Governor Kathy Hochul, who can veto the bill and sign it into law.


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If this happens, New York will become the first U.S. state to ban crypto mining.

A bulk of its contention with mining is based on concerns over its environmental impact.

The bill calls for an end to cryptocurrency mining operations that specifically utilize the Proof-of-Work (PoW) consensus model, such as Bitcoin BTC/USD and Ethereum ETH/USD prior to the launch of ETH 2.0. 

Cardano ADA/USD, Solana SOL/USD, and Algorand ALGO/USD are the best Proof-of-Stake (PoS) tokens that you can get on June 3.

On May 2, Input Output, the developers behind Cardano (ADA), announced that CIPs would come with June’s hard fork.

On June 1, 2022, Solana Status posted that block production on the Solana Mainnet Beta halted. 

This made the token dip for a bit; however, it’s on its path to recovery, which marks it as a solid price and entry point for investors that do not have the SOL token in their portfolios. 

Remember, SOL is number 9 on the top 10 cryptocurrencies list by market capitalization. 

Then, Algorand and MakerX announced an automated migration service, where they will commit 1 million ALGO to enable Terra users to migrate to Algorand. 

Should you buy Cardano (ADA)?

On June 3, 2022, Cardano (ADA) had a value of $0.5795.

The all-time high of Cardano (ADA) was on September 2, 2021, when the token reached $3.09.

When we go over the performance in May, Cardano (ADA) had its highest point of value on May 5 at $0.8969.

Its lowest point was on May 12 at $0.407. This means that the token decreased in value by $0.4899 or by 54%.

With this in mind, ADA is a solid buy as it can climb to $1 by the end of June 2022.

Should you buy Solana (SOL)?

On June 3, 2022, Solana (SOL) had a value of $39.31.

Going over its all-time high, Solana (SOL) had its highest point on November 6, 2021, when the token reached a value of $259.96.

Going over last month’s performance, Solana (SOL) had its highest point of value on May 5 at $94.3, while its lowest point was on May 27 at $40.48.

This means that the token had a bearish turn last month with a decrease of $53.82 or 57%.

However, it might turn bullish this month and climb to $60 due to the increased interest in PoS cryptocurrencies, making it a solid buy.

Should you buy Algorand (ALGO)?

On June 3, 2022, Algorand (ALGO) had a value of $0.3832.

Looking at the cryptocurrency’s all-time high, Algorand (ALGO) reached its ATH on June 20, 2019, at a value of $3.56.

When we go over the performance throughout the previous month, Algorand (ALGO) had its highest point of value on May 8 at $0.7792. Its lowest point was on May 29 at $0.3549.

Here we can see that the token had a bearish run with a decrease of $0.4243 or 54%.

However, ALGO can reach a value of $0.8 by the end of June 2022.

Where to buy right now

To invest simply and easily, users need a low-fee broker with a track record of reliability. The following brokers are highly rated, recognised worldwide, and safe to use:

  1. Etoro, trusted by over 13m users worldwide. Register here >
  2. Capital.com, simple, easy to use and regulated. Register here >

*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.

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