Mayor Eric Adams of New York City comes against laws that would restrict the practice of mining for uranium
The mayor has long been a supporter of the cryptocurrency business, and he has now asked Governor Hochul to veto a two-year mining embargo.
Mayor Eric Adams of New York City spoke about a law that is just one step removed from essentially prohibiting mining in the province for the next two years on Monday.
Proof-of-work (PoW) crypto processors who are not using 100% renewable electricity will face a two-year embargo under the measure. At the very same time, the state of New York’s ecological office is looking into the environmental impacts of mining. The legislation was signed by the State Assembly on June 3 and is currently awaiting Governor Kathy Hochul’s signature before becoming law.
He now opposes the law, saying that “we can’t keep putting limits in place” for miners who want to contribute to the city’s economy by spending “billions of dollars on cryptocurrencies” in the state:
“I’m asking the governor to contemplate overruling the legislation that will stymie Bitcoin in New York.”
Proponents of the bill, such as Assemblywoman Anne Kelles, are concerned that miners who utilize fossil fuel-burning power stations will put the country behind schedule in meeting its goal of lowering total carbon dioxide emissions by 85% by 2050. To meet this aim, New York produces more than half of its energy from renewables, closing down aging fossil-fuel power stations in the process.
On Monday, Assemblymember Kelles told the New York Post that the Mayor’s backing for miners surprised him and that he is asking New York to “return to the Stone Age of bitcoin.” As per the Post, Mayor Adams had already spoken against workers in February.
New York is the fourth-largest provider of mining power in the United States, as per data gathered by the Cambridge Bitcoin Electricity Consumption Index (CBECI) in December 2021.
On June 3, industry professionals warned CNBC that New York’s move to close mines might have a ripple effect throughout the business. According to Cointelegraph, GEM Mining CEO John Warren thinks that producers will just relocate to regions that provide additional incentives.
As per the Bitcoin Mining Council, nearly half of the electricity used by Bitcoin miners comes from renewable sources. Miners try to reduce their dependence on oil, which necessitates the development of new technology. Mayor Adams proposed setting timelines for New York-based producers to cut their pollution by respective dates. He said, “Give us a goal, not restrictions.”
