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New York Mayor Seeks Balance With Regulators Following Moratorium On Proof of Work Mining

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Published 1 year ago
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New York Mayor Seeks Balance With Regulators Following Moratorium On Proof of Work Mining
Crypto, Bitcoin,
Published 1 year ago

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New York City Mayor Eric Adams remains focused on turning New York into a cryptocurrency hub, but believes that goal can be combined with statewide efforts to curb the environmental costs associated with cryptocurrency mining, according to reports on November 25.

The comments follow new law signed by New York Governor Kathy Hochul banning proof-of-work  - PoW mining activities for two years in the state. The mayor, known for being a cryptocurrency advocate, said in June that he would ask the governor to veto the law.

The city will work with legislators to find a balance between the development of the cryptocurrency industry and legislative needs.


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