Eric Adams, the recently re-elected mayor of New York City, spoke out against the planned mining ban in the US state of New York on Monday.
The already adopted law, which is still waiting for its signing, would obtain a temporary ban on the settlement of new mining companies in the American state of New York for the next two years. Only companies that feed themselves 100% from renewable energies are then likely to settle.
What is particularly piquant about the new law is that it primarily affects the market-leading cryptocurrency Bitcoin (BTC), because the ban would relate to mining with regard to the proof-of-work (POW) consensus procedure, which is known to be used by the crypto market leader.
It is therefore not surprising that Eric Adams, the mayor of the metropolis of New York City, is now asking his colleague Kathy Hochul, the governor of the state of New York, to veto the adoption and to refrain from signing it in order to avert greater economic damage from the people of the region.
Adams is considered an advocate of Bitcoin, the politician even receives part of his salary in the form of cryptocurrency, and a few months ago during the election campaign he promised to make the financial mecca New York a global center also with regard to crypto.
SCOOP @CrainsNewYork I sat down with @NYCMayor Eric Adams today and learned he’s going to ask @GovKathyHochul to veto the #cryptocurrency crypto mining bill that places a two year break on new mining operations. Read it here: https://t.co/X0zjbJWJ8J
– Brian Pascus (@brianpascus) June 13, 2022
Accordingly, the mayor of NYC supports the mining companies in the fight against new bans, because the companies would let the economy of the region participate in the “billions of dollars spent in the crypto industry”.
“I ask the governor to veto the bill, which could become an insurmountable hurdle for the crypto industry in the state.“
However, the New York parliamentarians, who voted for the law by a majority, are concerned about the excessive electricity consumption in Bitcoin mining and the associated consumption of fossil fuels, which results in considerable CO2 emissions and environmental pollution.
Meanwhile, the mining companies point out that the ban on operations is not very effective in this regard, because ultimately the Bitcoin miners would only relocate to other American regions that offer a favorable legal situation.
However, some experts predict that New York may have a domino effect on dealing with the mining industry, because the appeal of the influential region covers the entire USA and beyond. California, in particular, is seen as a possible candidate to take similar steps.
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