- NYC Gov. Kathy Hochul said that she will take a fair approach while deciding on the Bitcoin mining proposal.
- NYC Mayor Eric Adams said that the ban will serve as a barrier to miners who have contributed to New York’s economy.
Earlier this month, the New York Senate approved a bill banning Bitcoin mining operations in the city citing environmental concerns. But not many are happy about the proposal as they believe that it would lead to a loss of major economic activity for New York City (NYC).
However, the ball is in NYC Gov. Kathy Hochul’s court whether or not to pass the Bitcoin banning law. The International Brotherhood of Electrical Workers (IBEW) has opposed the Bitcoin mining ban in New York. The IBEW represents construction workers across the state who have been building and renovating Bitcoin mining centers. They have opposed the proposal of Bitcoin mining saying that it will majorly hamper their economic activity.
For now, Governor Hochul has delayed the decision to the end of the year saying “we have a lot of work to do over the next six months”. At the same time, she also understands the workers’ concerns. In a press conference last month, Gov. Hochul said:
We have to balance the protection of the environment, but also protect the opportunity for jobs that go to areas that don’t see a lot of activity.
Some of the bill supporters have argued that these gas-guzzling power plants have their own economic drawdowns. In the past, there have been major concerns over the use of excess electricity for Bitcoin mining. Currently, New York contributed to 20% of the entire crypto mining activities in the U.S.
NY Mayor Eric Adams Opposes the Ban
Eric Adams, the recently appointed mayor of New York City is himself a Bitcoin proponent. In fact, Adams also converted a few initial months of his salary to BTC. The Mayor has now requested Gov. Kathy Hochul for rejection of the bill that seeks to ban Bitcoin mining.
He notes that if passed into law, it would have a major negative economic impact on the State. It will also wipe out the gains made by the state over the course of time. As reported by Crain’s New York, NYC mayor Eric Adams said:
I’m going to ask the Governor to consider vetoing the bill that is going to get in the way of cryptocurrency upstate. When you look at the billions of dollars that are spent on cryptocurrency – New York is the leader. We can’t continue to put barriers in place.
The Mayor also stated that the law is emerging as a barrier to the miners who have contributed to the State’s economy. Adams is one of the few politicians who has continued his support for Bitcoin despite the crashing prices.