New York City Mayor Speaks Against the Mining Moratorium

Eric Adams plans to request a veto on the latest bill.

New York City Mayor Speaks Against the Mining Moratorium

It has not been two weeks yet, since a new bill was approved in New York that would effectively ban all Proof of Work mining that does not use 100% green energy for a period of two years. The bill has caused some major controversy, as it indirectly puts a moratorium on almost all mining in the state.

Eric Adams, the mayor of New York City, has spoken against the new piece of legislature and promised he would request a veto on the bill from governor Kathy Hochul, who has yet to sign the bill in order for it to come into force.

Adams believes that the bill would present an economic disadvantage for the state of New York, stating that “we can’t continue to put barriers in place” for miners that want to boost the economy where “billions of dollars [...] are spent on cryptocurrency.”

The NYC mayor has long been a strong crypto supporter, previously announcing he would accept his salary in Bitcoin. He also believes the new bill would cause the state “to go back to the stone age of cryptocurrency,” and mining operations would simply move to other states, which, again, would hurt the economy.

It seems that the “battle” for New York State mining has not been lost yet after all. Adams suggests a regulatory framework aimed at reducing emissions to please both parties, saying: “Give us a goal, not bans.”

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