Fun

New York Mayor Supportive of Mining Restrictions but Maintains Crypto Hub Objective

News Feed - 2022-11-28 02:11:11

New York Mayor Supportive of Mining Restrictions but Maintains Crypto Hub Objective


Mayor of New York City Eric Adams took a supportive, if somewhat veiled, stance on the partial crypto mining ban imposed in the state. A law signed by fellow Democrat and New York Governor Kathy Hochul temporarily limits the minting of digital currencies using fossil fuels. New York Mayor and Bitcoin Supporter Eric Adams to Seek Balance With Environmental Goals


Cryptocurrency proponent and New York City Mayor Eric Adams has spoken in a supportive tone about the state’s two-year moratorium on certain crypto mining operations relying on carbon-based energy resources. The partial ban, which will prevent companies involved in proof-of-work (PoW) mining from expanding, renewing, or obtaining new permits, will be enforced with a law signed by Governor Kathy Hochul on Tuesday.


Quoted by the New York Daily News, Adams insisted he is still focused on establishing New York as a hub for crypto. At the same time, he emphasized that a balance can be found between this goal and the efforts to reduce the costs for the environment in the state that are associated with some forms of cryptocurrency extraction.


PoW mining, as an energy-intensive method of validating blockchain transactions for cryptocurrencies like bitcoin, has been specifically targeted with the mining ban in New York. The restrictions will affect mining enterprises that don’t use renewable energy to source the large amounts of electricity needed for their powerful computing equipment.


Known as a vocal supporter of cryptocurrencies, Adams indicated this week he was not deterred by the recent collapse of FTX, which was one of the world’s largest digital asset exchanges before it filed for bankruptcy protection earlier in November, amid serious liquidity problems. He insisted that “we must embrace” the crypto and blockchain industry despite its low points.


In June, the mayor revealed his intention to ask political ally Hochul to veto the bill after it passed the state assembly and senate. “I shared my thoughts… That’s the way our government works,” Adams told the Daily News on Friday, vowing to work with the legislators who are in support as well as those who have concerns about crypto. “I believe we are going to come to a great meeting place,” he added.


A Bloomberg report unveiled that the New York governor has been postponing the signing of the law due to lobbying from the sector. In a legal filing, Kathy Hochul pledged to “ensure that New York continues to be the center of financial innovation, while also taking important steps to prioritize the protection of the environment.”


Although Hochul argued that the new law could spur crypto development and the use of green power like hydroelectric energy, New York has been seen as a tough jurisdiction for starting a business working with crypto assets even before the enactment of the mining law.


Adams has tried to change that image, insisting that crypto is part of a broader financial frontier for the state to conquer, the report notes. “Now, there’s aspects of this bill that people didn’t agree with. I know Albany. Let’s go back. Let’s look at them,” he was quoted as stating, adding that New York City should be a leader in this and other new technologies. Tags in this story Adams, ban, Bitcoin, City, Crypto, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, Governor, Hochul, Law, Legislation, mayor, Miners, mining, mining companies, moratorium, new york, New York City, NYC, State, support


Do you think the authorities in New York will review the mining moratorium in the future? Share your thoughts on the subject in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. New York Governor Signs Law Partially Banning Bitcoin Mining on Fossil Fuels MINING | 5 days ago Bitcoin Miners Face a Squeeze as BTC Production Cost Remains Well Above Spot Market Value MINING | 7 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons, noamgalai / Shutterstock.com Previous articleAlameda Withdrew $204M in Crypto From FTX US Days Before Exchange Collapsed Next articleBahamian Attorney General Insists FTX Is the Subject of an ‘Active and Ongoing Investigation’ Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament


A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing

News Feed

Cryptojacker conned $3.5M from cloud firms to mine crypto, feds allege
Jesse Coghlan7 hours agoCryptojacker conned $3.5M from cloud firms to mine crypto, feds allegeProsecutors claim the “cryptojacking” scheme stole cloud computing resources to mine nearly $1 million worth of crypto.869
SEC approves Grayscale Bitcoin Mini Trust for Trading on NYSE Arca
Alex O’Donnell1 hour agoSEC approves Grayscale Bitcoin Mini Trust for Trading on NYSE ArcaGrayscale must await final regulatory signoff on its registration filing before listing the fund821 Total views30 Total sharesLi
Sony Acquires 3D Animation Company Beyond Sports to Offer a Complete Sports Metaverse Experience
Sony Acquires 3D Animation Company Beyond Sports to Offer a Complete Sports Metaverse Experience Entertainment and electronics giant Sony has recently completed the acquisition of
KyberSwap Launches on BitTorrent Chain With $1.5M in Liquidity Mining and Incentive Rewards
KyberSwap Launches on BitTorrent Chain With $1.5M in Liquidity Mining and Incentive Rewards sponsored Kyber Network and BitTorrent have announced the integration of KyberSwap with B
US Senator Cruz Introduces Bill to Prevent Federal Reserve From Using Digital Currency as Surveillance Tool
US Senator Cruz Introduces Bill to Prevent Federal Reserve From Using Digital Currency as Surveillance Tool U.S. Senator Ted Cruz has introduced legislation to prohibit the Federal
Brayden Lindrea7 hours agoCanto, Astar blockchains plan expansion to Ethereum ecosystem as layer 2sBy inheriting Ethereum’s security, Canto will be more decentralized and will enable trustless guarantees when bridging
Central Bank of Turkey Reports First Payment Transactions on Digital Lira Network
Central Bank of Turkey Reports First Payment Transactions on Digital Lira Network The Central Bank of the Republic of Turkey (CBRT) has conducted the first payment transactions on
Toy Companies Hasbro, Funko, and Mattel Turn to Wax as Trusted Partner
Toy Companies Hasbro, Funko, and Mattel Turn to Wax as Trusted Partner sponsored William Quigley loved baseball cards during his pre-teens. As the founder of WAX (Worldwide Asset Ex
$16B Worth of Dollar-Pegged Cryptos: Stablecoins Add $100M a Day Since Mid-July
$16B Worth of Dollar-Pegged Cryptos: Stablecoins Add $100M a Day Since Mid-JulyStablecoins have been gathering a lot of steam and settling massive value in recent months. Moreover,
Bitcoin halving will lead to more sustainable BTC mining: Report
Zoltan Vardai13 hours agoBitcoin halving will lead to more sustainable BTC mining: ReportThe block reward halving’s impact on mining profitability could prompt Bitcoin miners to look for more sustainable energy sources
Bitcoin, Ethereum Technical Analysis: ETH, BTC Rebound Following Fed Minutes
Bitcoin, Ethereum Technical Analysis: ETH, BTC Rebound Following Fed Minutes Ethereum rebounded on Feb. 23, as markets reacted to the latest Federal Open Market Committee (FOMC) mi
Bitcoin MVRV At Critical Breakout Point – Is A Price Rally Imminent?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu