New York mayor on bitcoin mining ban: ‘give us a purpose, not a ban’

Last Updated: 14 June 2022

New York’s ‘Bitcoin Mayor’ Eric Adams yesterday spoke out against the bitcoin mining ban. There is, in fact, a bill against bitcoin mining in the state, which aims to ban this activity for the next two years. At least for miners using less than 100% renewable energy.

One more signature needed

The bill aims to put a stop to bitcoin mining for a period of two years. The proposers of the bill want all miners to use renewable energy. This ban will make it more difficult for new miners to start, but also for current miners to continue.

The bill was approved by parliament on 3 June. The only thing left to become an official law is one signature. Namely that of Governor Kathy Hochul. This could take some time, as it seems that the Democrat is not planning to rush the decision. After all, there are primaries on June 28, so Hochul can use this ban to her advantage.

Bitcoin state’ New York

The mayor of New York gave a reaction to the bitcoin mining ban on Monday. He said he wants to ask Hochul to veto the bill. This could ensure that miners do not have to worry so much. This would also be more in line with New York.

Despite the fact that this bill could cause problems for current and future miners, New York is a true crypto-state. The New York Stock Exchange (NYSE) wants to become a marketplace for NFTs and crypto. The mayor is also a big supporter of bitcoin. Adams even gets paid in bitcoin instead of cash.

Give us a purpose

The mayor said that we cannot continue to put up barriers to miners who want to help the state’s economy. Miners are in fact working to be less dependent on fossil fuels.

Mayor Adams suggested giving New York-based miners a deadline to reduce their emissions by certain dates. “Give us a goal, not a ban,” he said.

Author

  • Florian Feidenfelder is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

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