New York mayor seeks balance with regulators after PoW mining moratorium
Adams said New York is still focused on becoming a center for crypto, but industry-wide efforts State to reduce emissions can be combined with this lens.
New
New York City Mayor Eric Adams is still focused on making New York a crypto hub, but he thinks that goal can be combined with statewide efforts to reduce the environmental costs of cryptocurrency mining, according to reports from Nov. 25.
These comments follow new legislation signed by New York Governor Kathy Hochul banning proof-of-work (PoW) mining for two years in the state. The mayor, known as a crypto proponent, said in June that he would ask the governor to veto the bill.
Once the bill is signed into law, the city will work with lawmakers to balance the development of the crypto industry with legislative needs, Adams told NY Daily News:
"I will work with legislators who are supportive and those who have concerns, and I think we will come to a great meeting place."
The PoW mining moratorium will not only prohibit new mining operations, but also deny license renewals to those already operating in the state, as Cointelegraph reported. Any new PoW mining in the state could only work if it uses 100% renewable energy.
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Adams said New York is still focused on becoming a center for crypto, but industry-wide efforts State to reduce emissions can be combined with this lens.
New
New York City Mayor Eric Adams is still focused on making New York a crypto hub, but he thinks that goal can be combined with statewide efforts to reduce the environmental costs of cryptocurrency mining, according to reports from Nov. 25.
These comments follow new legislation signed by New York Governor Kathy Hochul banning proof-of-work (PoW) mining for two years in the state. The mayor, known as a crypto proponent, said in June that he would ask the governor to veto the bill.
Once the bill is signed into law, the city will work with lawmakers to balance the development of the crypto industry with legislative needs, Adams told NY Daily News:
"I will work with legislators who are supportive and those who have concerns, and I think we will come to a great meeting place."
The PoW mining moratorium will not only prohibit new mining operations, but also deny license renewals to those already operating in the state, as Cointelegraph reported. Any new PoW mining in the state could only work if it uses 100% renewable energy.
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