New York City Mayor Eric Adams has spoken out against a bill that aims to impose a two-year moratorium on bitcoin mining plants that are not 100% powered by renewable energy in New York State.
He believes that the moratorium could hinder the growth of the bitcoin mining industry in the US. A controversial bill passed by the New York legislature on June 3 would ban bitcoin mining operations that use carbon-based energy sources.
Adams opposes bitcoin mining bill
AT interview In Chain’s New York Business magazine published Monday, Adams said he would urge Gov. Kathy Hochul to veto the bill.
“I’m going to ask the Governor to consider vetoing a bill that would thwart crypto in the upstate… When you look at the billions of dollars that are being spent on crypto, New York is the leader. We can’t keep putting up barriers,” Adams, a well-known bitcoin adopter who famously announced that he would be earning his first salary in bitcoin, said in an interview.
In April 2022, Adams called for the repeal of the BitLicense cryptocurrency licensing rule as being too strict, holding back innovation and economic growth.
It can have a domino effect
The anti-bitcoin mining bill passed on June 3 is now on Governor Hole’s desk, who can sign it or veto it. Her move is being watched closely as it could pave the way for similar legislation in other states.
If Hochul signs the bill, New York will become the first state in the US to ban blockchain technology infrastructure. Industry insiders believe this could spur demand for similar legislation in other states. The US accounts for 38% of bitcoin miners, and more states joining New York in banning fossil-fuel-powered bitcoin mining plants could damage its position in the global industry.
Governor can wait until December 31st
“The governor, a moderate Democrat who faces a June 28 primary, is evasive about whether she will sign the bill, a priority for environmental activists and the party’s left. Ms Hochul likely won’t have to make a decision until December 31st. report He speaks.
The controversial bill is part of New York State’s attempt to cut greenhouse gas emissions by 85% by 2050 under the Climate Leadership and Community Protection Act passed by the Legislature in 2019.
PoW vs. PoS
Assemblywoman Anna Kelles, who co-sponsored the bill with state senator Kevin Parker, expressed surprise at Adams’ opposition to the law and moved the debate to Proof of Work vs. Proof of Stake, calling the former the stone age of cryptocurrencies and the latter less energy-intensive.
“This took me by surprise and is deeply disappointing because it suggests that this bill will negatively impact cryptocurrencies in upstate New York. [but] what it does is it asks us to go back to the stone age of cryptocurrencies,” she said. said New York Post on Monday. “This bill can be seen as something that can encourage innovation… it asks us to return to the stone age of cryptocurrencies,” Kelles added.
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Credit : cryptopotato.com