NYC mayor calls for veto of BTC mining ban

New York City Mayor Eric Adams wants Governor Kathy Hochul to scrap a recent bill which would ban Bitcoin (BTC) mining operations.

The bill will impose a two-year freeze on new proof-of-work (PoW) fossil-fuelled crypto mining operations.

Adams told Brian Pascus, a reporter for Crain’s New York Business, of his decision to plead with Hochul to “consider vetoing the bill that is going to get in the way of cryptocurrency upstate”.

BTC miners currently active in the state will find their electric consumption capped. However, this wouldn’t be seen as a problem to Adams who previously voiced strong opinions during a Q&A on the 2022 executive budget proposal.

He said: “I support cryptocurrency, not crypto mining”. The mayor believes that the state’s economy could be saved by the use of the coins. “We can’t continue to put barriers in place”, he added.

The bill was signed in early June by the New York Senate, and Hochul had ten days of breathing space to either sign or veto it.

If signed, New York would become the first state in the US to limit its involvement with BTC mining at a time where global interaction with crypto is rife and NFTs are appearing in almost every sector: sport, art, music and fashion.

Governor Hochul’s decision on whether to sign the bill remains unknown. However, some may be confused at her actions as she has previously told reporters that crypto mining could create more jobs in the state.

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Updated: 06/14/2022 — 15:00