06-16-2022 icon

NYC, Mayor Eric Adams Opposes Bitcoin Mining Prohibition Law

By Lucy Adegbe
Miners

A Monday report revealed New York City’s Mayor, Eric Adam’s speech against a proposed law that is a notch away from making bitcoin mining illegal in the nation for the next two years. 

The proposed bill is composed to put a halt on proof of work (PoW) crypto miners who do not employ 100% inexhaustible power. Simultaneously, the NYC environmental agency is scrutinizing the impact of mining activities in the surroundings. 

Mayor Adams has been an advocate of the decentralized crypto industry with records of him receiving bitcoin payments in place of cash as income. Currently, he has taken a commitment in favor of tolerable bitcoin mining by imploring Governor Kathy Hochul to turn down the memoratium. 

The mayor mentioned to CrainsNewYork on Monday his intentions to solicit that the governor decline the bill as a result of the economic havoc that may pose to the residents of the state. 

Proponents of the proposed act like Anne Kelles, the council person behind the sponsorship fret that miners who make use of remnant energy-burning plants could contradict the state’s need to reduce carbon discharge by 85% before 2050.

Council person Kelles mentioned to the New York Post how shocking it was to discover the Mayor is being supportive of miners as the mayor had once spoken against them in a February publication. 

Anne Kelles believes mayor Adams’s support implies that New York city “go back to the stone age of cryptocurrency.”

According to a CNBC report from industry experts, the mining prohibition, if approved, could have a cumulative impact on the industry.