New York mayor challenges state mining ban
The mayor of New York declared his disagreement with the law passed by the state Congress that prohibits crypto mining based on proof of work
Eric Adams, mayor of the city of New York, indicated his disagreement with the bill, sanctioned by the state Congress, that prohibits crypto mining based on Proof of Work (PoW) considering that the “measure is not the way to follow to reduce the environmental impact of the activity.”
The bill would make it illegal to mine bitcoins in New York City for two years, and under the proposal miners would be subject to a two-year moratorium.
The rule that was recently approved by the two chambers aims to reduce carbon dioxide emissions by 85% by the year 2050. However, the city’s chief executive estimates that the miners will migrate to other states where they are offered “better regulatory conditions.”
The Governor of the State, Kathy Hochul, must endorse and endorse the Bill approved in Congress so that it can become Law. However, the Governor, when consulted about the bill, stated that she had “not yet read it in depth and that It will take a few months to do it.”
That is why Mayor Adams intends to convince her to desist from signing and thus repeal the Law.
The mayor stated: “I am going to ask the governor to consider vetoing the bill that will stand in the way of cryptocurrencies in the north of the state.”
Adams also believes that the political class should not hinder and create barriers to crypto mining because with this activity it contributes to the development and expansion of the economy, contributing “billions of dollars.”
Furthermore, the New York State Department of Environmental Conservation is investigating the effects of mining on the natural environment.
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