Eric Adams the Mayor of New York City spoke out against a bill just one step away from effectively banning Bitcoin mining in the state for the next two years.
The bill is designed to place a two-year suspension on proof of work crypto miners who do not use 100% renewable energy. At the same time New York state’s environmental agency is investigating the effects of mining on the environment. The bill passed on June 3 in the State Assembly and now awaits Governor Kathy Hochul’s signature to become a law.
Mayor Adams stated that he intends to request Governor Hochul to veto the bill due to the economic damage it will cause the state’s people. Mayor Adams has been a frequent advocate of the crypto industry, previously accepting Bitcoin instead of cash for his salary payments.
He now stands with miners against the bill, stating that setting up barriers would be disadvantages for miners who wish to help bolster the state’s economy with the billions of dollars that are spent on cryptocurrency.
New York generates more than 50% of its electricity from renewable sources, shutting down older fossil fuel power plants to achieve that goal. According to data on the Electricity Consumption Index New York is the fourth-largest contributor of hashing power in the U.S.
