NYC Mayor Favors Crypto Over Crypto Mining

NYC Mayor Eric Adams, known in the Cryptoverse as a Bitcoin (BTC) advocate and industry ally, is currently opposed to cryptocurrency mining, citing high energy consumption.

NYC Mayor pro-crypto, not crypto-mining

New York City Mayor Eric Adams has established himself as a crypto enthusiast, vowing to make the Big Apple “bitcoin-centric” during his campaign last year and to be the first to cash in three salaries in cryptocurrency. However, he is now opposed to the way new coins are being created and says he sides with environmental groups opposed to cryptocurrency mining because of the high energy consumption.

“I support crypto, not crypto mining” Adams said so at a joint meeting of state lawmakers in Albany, the New York Post reported.

Why is the NYC Mayor taking a non-pro-crypto-mining stance?

Over the years, New York State has grown into one of the largest bitcoin mining hubs in the country. Data obtained by CNBC from American mining giant Foundry USA shows that as of last October, the state had the highest bitcoin hash rate in the country at 19.9 percent, followed by Kentucky at 18.7 percent and Georgia at 17.3 Percent.

The latest move comes after environmentalists criticized Adams for not taking a firm stance against cryptocurrency mining practices.

Local green group Seneca Lake Guardian, a nonprofit founded to protest a gas-fired facility on the shores of Lake Seneca used to power a cryptocurrency mining facility, has welcomed the mayor’s statement.

“The Seneca Lake Guardian is pleased to see that Mayor Adams has listened to us and understands the grave threats that bitcoin mining poses to New York State.” Joseph Campbell, president of the group, said.

Last December, the Seneca Lake Guardian urged its supporters to call New York Gov. Kathy Hochul and “urge her to halt bitcoin mining in the state, starting with the Greenidge power plant on Lake Seneca and the proposed Fortistar power plant for Niagara .

The NGO said: “Companies are coming to New York State looking to officially reopen shut down dirty power plants to generate power for their private crypto mining operations.”the NGO said in its statement.

As reported, the bitcoin mining network is estimated to contribute less than 0.08% to the world’s total carbon dioxide (CO2) emissions.

Meanwhile, Bill Ackman, CEO of hedge fund manager Pershing Square Capital Management, has suggested that the state obtain the BitLicense, the business license crypto-focused companies need, from the New York State Department of Financial Services.

“We can’t lose any more New Yorkers. NY is on the way to becoming the hub of crypto innovation. Let’s break down barriers, create growth and innovation opportunities and help our country and our city!” Ackman tweeted.

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