New York City Mayor Eric Adams opposed a bill that would impose a two-year moratorium on Proof-Of-Work (PoW) mining.
The bill passed in the state Assembly on June 3 and now awaits Governor Cathy Hocul’s signature. If the document is signed, it will go into effect.
For his part, Mayor Adams said he intends to ask Governor Hocul to veto the bill because of the economic damage it could do to the entire state.
Adams added that authorities cannot continue to put up barriers to miners who support the state’s economy with billions of dollars.
“I’m going to ask the governor to consider vetoing a bill that would hinder cryptocurrency development upstate,” he said.
According to the Cambridge Bitcoin Mining Power Consumption Index (CBECI), New York is the fourth-largest provider of hash power in the United States.
In his campaign, Adams promised voters to make New York City a “cryptocurrency hub,” after which he announced his intention to get some of his paychecks in bitcoin.
In February, however, the mayor spoke out against energy-consuming PoW-based mining because of its environmental impact.