After the ban on PoW mining, New York’s mayor aims to strike a balance with the authorities.

by Nov 27, 2022CryptoNews0 comments

Adams stated that while New York is committed to being a crypto hub, statewide initiatives to cut emissions may be coupled with this aim.

According to sources on November 25, New York City Mayor Eric Adams is still committed to making New York a crypto center, but he feels that aim can be linked with statewide measures to reduce environmental costs associated with crypto mining.

The statements come in response to a new rule enacted by New York Governor Kathy Hochul that prohibits proof-of-work (PoW) mining activities in the state for two years. The mayor, a crypto supporter, stated in June that he would ask the governor to veto the law.

With the measure passed into law, the city will work with legislators to strike a balance between the expansion of the crypto business and statutory requirements, Adams told The New York Daily News:

“I’m going to work with the legislators who are in support and those who have concerns, and I believe we are going to come to a great meeting place.”

According to Cointelegraph, the PoW mining embargo would not only restrict new mining operations but will also deny license renewals to companies that are currently operating in the state. Any new PoW mining facility in the state would be permitted only if it used 100% renewable energy.

The United States has the highest proportion of Bitcoin mining hash rate by nation, accounting for 37.8% of the Bitcoin network hash rate. The two-year embargo on PoW mining might be expensive and potentially create a precedent for other states to follow.

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“We must develop a hospitable environment for all forms of technology.” “And crypto is a component of the entire technology we’re considering,” Adams explained. “The challenge is, how do we make wise decisions so that New York City — and America — is a leader in this new technology?” Adams asked.

Following his victory, the politician said on Twitter that he would accept his first three paychecks in cryptocurrencies and that he hoped to make New York City the “hub of the cryptocurrency sector.”

New York has some of the most stringent crypto exchange regulations in the country. The state implemented the BitLicense regulatory scheme in June 2015, which has been condemned for being anti-crypto. BitLicense applies to crypto organizations that transfer, buy, sell, exchange, or issue a cryptocurrency.

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