NYC Mayor Eric Adams Wants State's Governor to Veto 2-Year Moratorium on PoW Mining: Report

The city's pro-crypto mayor plans to ask Gov. Kathy Hochul to veto the bill to stop proof-of-work mining temporarily.

AccessTimeIconJun 14, 2022 at 8:10 a.m. UTC
Updated Jun 14, 2022 at 9:25 p.m. UTC

Greg Ahlstrand is CoinDesk's Asia News Editor. Greg has no significant crypto holdings.

New York City Mayor Eric Adams is going to ask Gov. 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 the bill targeting proof-of-work 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.

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Greg Ahlstrand is CoinDesk's Asia News Editor. Greg has no significant crypto holdings.

CoinDesk - Unknown

Greg Ahlstrand is CoinDesk's Asia News Editor. Greg has no significant crypto holdings.