New York City Mayor Eric Adams spoke out Monday, June 13, against a bill that is just one step away from effectively banning bitcoin mining in the state for the next two years.

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The bill is intended to impose a two-year moratorium on Proof of Work (PoW) crypto miners that do not use 100% renewable energy. At the same time, the New York State Environmental Protection Agency is investigating the impact of mining on the environment. The bill passed June 3 in the State Assembly and is now awaiting Gov. Katie Hochul’s signature to become law.

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Mayor Adams announced this. Crane on Monday that he intends to ask Gov. Hole to veto the bill because of the economic damage it would cause to the state’s population. Mayor Adams has been a frequent supporter of the crypto industry, having previously accepted BTC instead of cash for payroll.

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He now supports miners against a bill that says “we can’t keep putting up barriers” to miners who want to help support the state’s economy with the “billions of dollars that are being spent on crypto” in the state.

“I’m going to ask the governor to consider vetoing a bill that would hinder cryptocurrencies in the upstate.”

Supporters of the bill, such as original sponsor Assemblyman Anne Kelles, are concerned that miners using fossil fuel power plants could fall behind the state on its path to cutting all carbon emissions by 85% by 2050. New York generates more than 50% of its electricity from renewable sources, shutting down older fossil fuel power plants to achieve this goal.

Fitter Kelles said The New York Post reported on June 13 that the mayor’s support for miners came as a surprise, and said he was essentially asking New York to “return to the stone age of cryptocurrencies.” Mayor Adams had previously spoken out against the miners in February. according by mail.

According to data compiled in December 2021 by the Cambridge Bitcoin Electricity Consumption Index (CBECI), New York is the fourth largest provider of hash power in the US.

Industry insiders said CNBC reported on June 3 that New York’s decision to shut down miners could have a domino effect across the industry. However, on June 10, Cryptooshala reported that GEM Mining CEO John Warren believes miners will simply move to friendlier states with better incentives.

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Globally, around 50% of the energy used by bitcoin miners comes from sustainable sources, according to the Bitcoin Mining Council. Miners are looking to be less dependent on fossil fuels, which requires innovative technologies. Mayor Adams has proposed giving New York miners a deadline for reducing emissions by specific dates. “Give us a target, not bans,” he said.