New York: Mayor calls for veto of Bitcoin mining ban

New York Mayor Eric Adams is calling for a veto of the bill passed by the Senate banning Bitcoin mining in the state. The well-known supporter of the queen of crypto does not want to put barriers to BTC. 

New York: Mayor proposes vetoing bill banning Bitcoin mining

According to reports, it appears that Eric Adams, Mayor of New York and well-known Bitcoin supporter, has said that he will propose to Governor Kathy Hochul that she veto the bill passed by the New York State Senate restricting BTC mining. 

In practice, the bill passed in the New York State Senate imposes a two-year moratorium on new cryptocurrency (PoW) mining operations powered by fossil fuels. 

A move that does not please people like Eric Adams who built his own pro-crypto propaganda during his election. Indeed, the mayor of New York said the following in an interview:

“I’m going to ask Governor Kathy Hochul to consider vetoing the bill that would hinder the cryptocurrency in the state”.

Not only that, for Adams, cryptocurrencies are an undeniable part of the state’s economy due to the “billions of dollars being spent on cryptocurrencies”. For this very reason, he added that “we cannot continue to put up barriers”. 

New York awaiting the governor’s signature or veto on Bitcoin mining

While Adams gives interviews, the bill is now in the hands of Governor Kathy Hochul, who may decide to sign it or veto it. 

In the first case, if the bill is passed, it would make New York the first state in the US to ban mining for two years. If companies do not become 100% renewable during this period, they will no longer be allowed to continue their activities. 

In general, mining is used by Bitcoin and all Proof-of-Work protocol-based cryptocurrencies to validate and record transactions on the Blockchain. 

In early 2022, the Cambridge Bitcoin Electricity Consumption Index stated that the total energy used for Bitcoin mining was greater than the annual energy consumption of Finland. 

This is why China, Iceland, Iran, Kazakhstan and Kosovo have already banned the activity in their countries. At the same time, however, many other countries, instead of blocking the activity, are making efforts to transform it into greener and more environmentally sustainable mining. 

Eric Adams and his salary in BTC

In November 2021, Eric Adams, recently elected mayor of New York, had won thanks to his propaganda about transforming the Big Apple city into a major financial hub for Bitcoin and crypto. 

Not only that, Adams also allegedly stated on Twitter that he would receive his first three salaries in BTC, in response to Miami Mayor Francis Suarez’s tweet announcing that he would only receive his next salary in BTC.