The New York Mayor Encourages the Governor to Oppose Legislation that Would Make Bitcoin Mining Illegal in the State

The New York Mayor Encourages the Governor to Oppose Legislation that Would Make Bitcoin Mining Illegal in the State

June 15, 2022 Off By Roland G

New York City Mayor Eric Adams has urged state Governor Kathy Hochul to reject a bill that would impose a two-year prohibition on Proof-of-Work (PoW) crypto miners who do not use 100% renewable energy.

According to Crain’s New York, the mayor intends to fight the measure, claiming that if it becomes law, New York will suffer economic consequences.

Furthermore, Adams said that adopting the law will likely wipe out the state’s successes in building the crypto industry while harming the state’s economy.

Adams said,

“I’m going to ask the Governor to consider vetoing the bill that is going to get in the way of cryptocurrency upstate. When you look at the billions of dollars that are spent on cryptocurrency – New York is the leader. We can’t continue to put barriers in place.”

The mayor stated that the law discriminates against miners, who have emerged as important contributors to the state’s economy.

Backers of the law are afraid that Proof-of-Work (PoW) mining, which employs fossil-fuel-burning power plants, will put the state behind schedule in its goal of decreasing total carbon emissions by up to 85 percent by 2025.

Aside from the mayor, the Blockchain Association, through Executive Vice President Jake Chervinsky, stated that the bill will not reduce carbon emissions as the state legislature intended.

According to the official, the law will force miners to relocate to neighboring states.

Chervinsky also urged Governor Kathy Hochul to veto the law, arguing that New York should stay up with the rest of the world.

Some industry analysts also noted that the measure will likely prevent New York from keeping up with the rest of the country’s crypto sector.

This comes as states and towns such as Wyoming and Miami compete to be named the United States’ crypto capital.

Notably, the law affects new mining entrants because incumbent mining enterprises or those in the process of renewing their licenses will be able to continue operations.

Despite the drop in value, Adams has emerged as one of the prominent politicians who completely supports Bitcoin, even accepting his salary in the flagship cryptocurrency.