Friday, March 1, 2024

NYC Mayor Speaks Out Against Proof-of-Work Ban Regulation

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Eric Adams, the NYC Mayor speaks out against Proof-of-work ban legislation and he is a known proponent of the crypto industry who pledged support for sustainable BTC mining, asking governor Hochul to veto the two-year moratorium on mining so let’s read more today in our latest Bitcoin news.

The NYC Mayor speaks against the PoW mining ban bill which is a step away from banning BTC mining in the state. The bill is designed to place a two-year moratorium on the Pow crypto miners who do not use the 100% renewable energy and at the same time, the state environmental agency is investigating the effects of mining on the environment. The bill passed at the beginning of June in the State Assembly and now awaits governor Kathy Hochul’s signature to become a law.

Mayor Eric Adams said that he intends to request Hochul’s veto of the bill due to the economic damage it will cause the state’s people. Mayor Adams has been a proponent of the crypto industry and previously accepted BTC instead of cash for his salary. He now stands with miners against hte bill and stated that they should not put barriers in place for miners who want to help the state’s economy:

“I’m going to ask the governor to consider vetoing the bill that is going to get in the way of cryptocurrency upstate.”

The supporters of the bill, are worried that the miners that continue using fuel-burning power plants could set the state behind the path toward reducing carbon emissions by 85% by 2050. New York generates more than 50% of its electricity from renewable sources and shut down older fossil fuel power plants to achieve this goal. Assemblyperson Kelles said that the Mayor’s support of miners was a surprise and that he is asking New York to essentially go back to the stone age of crypto.

According to the data compiled by the Cambridge BTC Electricity Consumption Index, New York is the fourth biggest contributor of hashing power in the US. The industry insiders said that the New York Decision to shut down miners can have a domino effect on the industry but GEM Mining CEO John Warren believes the miners will move to a friendlier state instead.

New York BTC Miners , New York Regulators, mining, moratorium, regulators

Across the world, 50% of the power BTC mining machines use is from sustainable sources. The miners strive to be less reliant on fossil fuels which require innovative technologies and mayor Adams even suggested giving the miners deadlines to reduce their emissions by speciifc dates.

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