Genesis Mining is the latest company to announce its departure from New York, following the formal introduction of the state's BitLicense.

In a blog post released yesterday, the cloud mining firm – which claims to serve over 50,000 customers – said it had no choice but to block anyone with a New York IP address from using its services.

"While advocates for the BitLicense say they want to protect consumers, what the act really does is stifle innovation. It’s complex, expensive, and comes with a set of guidelines that make it nearly impossible for any startup to comply with."