The city’s pro-crypto mayor plans to ask Gov. Kathy Hochul to veto a bill that would stop proof-of-work mining for two years.
New York City Mayor Eric Adams is going to ask Governor Kathy Hochul to veto a bill passed June 3 that would impose a moratorium on proof of work (PoW) mining in the state for two years, Crain’s New York Business reported Tuesday.
The New York State Senate passed a bill targeting proof-of-work (PoW) mining in June in an effort to address some of the environmental concerns about cryptocurrencies.
The bill, which was passed by the state Assembly in May, would impose a two-year moratorium on new PoW mining projects powered by carbon-based fuel in the Empire State, though existing mining firms or ones currently undergoing the permit renewal process would be allowed to continue operations. The Senate voted 36-27 in favor of the bill.
According to the bill’s Democratic sponsor, state Sen. Kevin Parker of Brooklyn, there is only one such plant in current operation that wouldn’t be affected by the bill. He added that there is one pending application that may be put on hold until the study has concluded.
During the moratorium, the state will conduct a study on the potential environmental impact of proof-of-work mining.