Hi HODLers and New-Yorkers,
In June The New York State Senate passed a bill targeting proof-of-work (PoW) mining. This was laebelled as an effort to address some of the environmental concerns about cryptocurrencies.
But as most of you know, Bitcoin mining in the US is using a lot of clean energy and one could argue it is actually helping renewable energies to have a reliable consumer and therefore source of income.
The bill which was passed by the Assembly in May would impose a 2 years moratorium on new PoW projects. From a competition point of view, this would favor existing operators and prevent any competition to participate.
Nevertheless, it is not as bad as banning PoW Bitcoin mining.
Everything seemed to be going well for the NY anti Bitcoin PoW's crowd until Eri Adams, New-York's mayor decided that he will ask Kathy Hochul, the NY State Governor to veto the bill.
While I believe this will not be accepted as she has too much to lose, it does showcase a different point of view from the mayor of the biggest US city. We have an ally in Eric Adams! Let's try to remember it.
Stay safe out there,