March 28, 2024

New York Mayor Eric Adams opposes ban on cryptocurrency mining in the state

Article Reading Time:
1 min.

New York Mayor Eric Adams opposes ban on cryptocurrency mining in the state

New York City Mayor Eric Adams on Monday spoke out against a two-year moratorium on cryptocurrency mining based on the Proof-of-Work consensus algorithm in the state.

Relevant document at the beginning of the monthapproved by the upper house of the New York State Parliament. However, Mayor Eric Adams believes that such a moratorium will harm residents and the state's economy. In an interview with Crain's, Adams said he would petition the state governor to veto the bill.

"We cannot continue to create obstaclesfor miners who develop the state's economy. “I will ask the governor to consider vetoing legislation that would impede the development of the cryptocurrency industry in the state,” said the mayor of New York.

Perhaps the governor will refuse to veto,since the bill takes care of the state's environment. At the same time, New York plans to reduce carbon dioxide emissions by 85% by 2050, and the use of fossil energy sources for mining does not fit into this strategy. Moreover, already more than half of the energy used by the state comes from renewable sources.

Eric Adams can be called an enthusiastcryptocurrency. Previously, he called on regulators to listen to representatives of the cryptocurrency industry to create a high-quality legislative framework for the industry.