New York City Mayor Eric Adams is against the PoW mining ban bill

On Monday, New York City’s Mayor Eric Adams, known for his positive stance toward crypto, has spoken out against a bill that is just one step away from completely banning Bitcoin mining in the state for the next two years.

Crypto mining helped New York City’s economy: Adams

Proof-of-work (PoW) crypto miners who do not use 100 percent renewable energy will face a two-year moratorium under the legislation. At the same time, the state of New York City’s environmental agency is studying the environmental impacts of mining. The bill was passed by the State Assembly on June 3 and is currently awaiting Governor Kathy Hochul’s signature before becoming law.

On Monday, Mayor Adams said that he expects to ask Governor Hochul to veto the bill because of the financial damage it will bring to the people of the state. Mayor Adams previously accepted Bitcoin (BTC) as payment for his salary rather than cash.

🚨 SCOOP 🚨 @CrainsNewYork I sat down with @NYCMayor Eric Adams today and learned he’s going to ask @GovKathyHochul to veto the #cryptocurrecy crypto mining bill that places a two year pause on new mining operations. Read it here: https://t.co/X0zjbJWJ8J

— Brian Pascus (@brianpascus) June 13, 2022

He said, “we can’t continue to put barriers in place” for miners who are helping bolster the state’s economy. He added:

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

On Monday, Assemblymember Kelles told the New York Post that the Mayor’s support for miners surprised him and that he is essentially asking New York to “go back to the stone age of cryptocurrency.”

Notably, New York is the fourth-largest contributor of hashing power in the United States, according to data compiled by the Cambridge Bitcoin Electricity Consumption Index (CBECI) in December 2021.

On June 3, industry experts warned CNBC that New York’s move to close mines might have a cascading effect throughout the industry. GEM Mining CEO John Warren believes that miners will just relocate to states that provide better incentives.