{"id":8826,"date":"2022-11-28T12:47:51","date_gmt":"2022-11-28T12:47:51","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=8826"},"modified":"2022-11-28T12:47:51","modified_gmt":"2022-11-28T12:47:51","slug":"new-york-mayor-supportive-of-mining-restrictions-but-maintains-crypto-hub-objective","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=8826","title":{"rendered":"New York Mayor Supportive of Mining Restrictions but Maintains Crypto Hub Objective"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>Mayor of New York City Eric Adams took a supportive, if somewhat veiled, stance on the partial crypto mining ban imposed in the state. A law signed by fellow Democrat and New York Governor Kathy Hochul temporarily limits the minting of digital currencies using fossil fuels.<\/strong><\/p>\n<h2>New York Mayor and Bitcoin Supporter Eric Adams to Seek Balance With Environmental Goals<\/h2>\n<p>Cryptocurrency proponent and New York City Mayor Eric Adams has spoken in a supportive tone about the state\u2019s two-year moratorium on certain crypto mining operations relying on carbon-based energy resources. The partial ban, which will prevent companies involved in proof-of-work (PoW) mining from expanding, renewing, or obtaining new permits, will be enforced with a law signed by Governor Kathy Hochul on Tuesday.<\/p>\n<p>Quoted by the New York Daily News, Adams insisted he is still focused on establishing New York as a hub for crypto. At the same time, he emphasized that a balance can be found between this goal and the efforts to reduce the costs for the environment in the state that are associated with some forms of cryptocurrency extraction.<\/p>\n<p>PoW mining, as an energy-intensive method of validating blockchain transactions for cryptocurrencies like bitcoin, has been specifically targeted with the mining ban in New York. The restrictions will affect mining enterprises that don\u2019t use renewable energy to source the large amounts of electricity needed for their powerful computing equipment.<\/p>\n<p>Known as a vocal supporter of cryptocurrencies, Adams indicated this week he was not deterred by the recent collapse of FTX, which was one of the world\u2019s largest digital asset exchanges before it filed for bankruptcy protection earlier in November, amid serious liquidity problems. He insisted that \u201cwe must embrace\u201d the crypto and blockchain industry despite its low points.<\/p>\n<p>In June, the mayor revealed his intention to ask political ally Hochul to veto the bill after it passed the state assembly and senate. \u201cI shared my thoughts\u2026 That\u2019s the way our government works,\u201d Adams told the Daily News on Friday, vowing to work with the legislators who are in support as well as those who have concerns about crypto. \u201cI believe we are going to come to a great meeting place,\u201d he added.<\/p>\n<p>A Bloomberg report unveiled that the New York governor has been postponing the signing of the law due to lobbying from the sector. In a legal filing, Kathy Hochul pledged to \u201censure that New York continues to be the center of financial innovation, while also taking important steps to prioritize the protection of the environment.\u201d<\/p>\n<p>Although Hochul argued that the new law could spur crypto development and the use of green power like hydroelectric energy, New York has been seen as a tough jurisdiction for starting a business working with crypto assets even before the enactment of the mining law.<\/p>\n<p>Adams has tried to change that image, insisting that crypto is part of a broader financial frontier for the state to conquer, the report notes. \u201cNow, there\u2019s aspects of this bill that people didn\u2019t agree with. I know Albany. Let\u2019s go back. Let\u2019s look at them,\u201d he was quoted as stating, adding that New York City should be a leader in this and other new technologies.<\/p>\n<p>Tags in this story<\/p>\n<p>Adams, ban, Bitcoin, City, Crypto, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, Governor, Hochul, Law, Legislation, mayor, Miners, mining, mining companies, moratorium, new york, New York City, NYC, State, support<\/p>\n<p><em><strong>Do you think the authorities in New York will review the mining moratorium in the future? Share your thoughts on the subject in the comments section below. <\/strong><\/em><\/p>\n<p>Lubomir Tassev <\/p>\n<p class=\"article__body__author__info__about\">\nLubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens\u2019s quote: \u201cBeing a writer is what I am, rather than what I do.\u201d Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons, noamgalai \/ Shutterstock.com<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/new-york-mayor-supportive-of-mining-restrictions-but-maintains-crypto-hub-objective\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mayor of New York City Eric Adams took a supportive, if somewhat veiled, stance on the partial crypto mining ban imposed in the state. A law signed by fellow Democrat and New York Governor Kathy Hochul temporarily limits the minting of digital currencies using fossil fuels. New York Mayor and Bitcoin Supporter Eric Adams to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8827,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-8826","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8826","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8826"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8826\/revisions"}],"predecessor-version":[{"id":8828,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8826\/revisions\/8828"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/8827"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8826"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8826"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8826"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}