Mayor Adams seeks to thwart cryptocurrency mining moratorium

Some Albany lawmakers say the cryptocurrency mining moratorium handed earlier this month has been misunderstood. 

It targets solely giant mining operations that use outdated, fossil fuel-burning energy crops to generate power for his or her large computing wants. And the moratorium applies solely to these looking for to acquire or renew a allow going ahead.

“I’m pro-crypto, I’m pro-crypto mining within the state of New York,” mentioned state Senator Kevin Parker, a sponsor of the invoice. “However it all has to occur in a manner that’s according to our local weather targets.”

The invoice’s future is unsure, nevertheless, thanks partly to Mayor Eric Adams. Adams has championed and welcomed the crypto trade, even taking his first three paychecks in cryptocurrency. He instructed Crain’s New York this week he’ll encourage Gov. Kathy Hochul to think about vetoing the invoice, arguing the state shouldn’t be placing up obstacles to the trade.

In a press release Tuesday, a Metropolis Corridor spokesman mentioned Adams “is anxious that the state’s ban on crypto mining, which is the primary within the nation, is unnecessarily stringent and dangers sacrificing our aggressive edge at a time once we can least afford it.”

Parker, requested in regards to the mayor’s place, famous that any invoice have to be authorized by majorities of at the least 32 senators and 76 meeting members.

“My rely is that’s about 102 votes. Versus one from the mayor,” Parker mentioned. “So I believe that the overwhelming majority of the elected officers who’ve checked out this subject and perceive it, stand with me.”

The trade says over-regulation will solely drive crypto companies to different states, taking jobs with them. 

Metropolis Comptroller Brad Lander, a vocal supporter of the moratorium, notes the growth of crypto mining has all taken place upstate.

“It received’t create any jobs in New York Metropolis,” he mentioned. “However it is going to pressure the grid, burn plenty of fossil fuels and make it unimaginable for the state to satisfy our Local weather Management and Group Safety Act targets.”

The governor has to this point not said her place on the invoice, which creates a two-year pause on permits, permitting the state to check the trade’s environmental influence.

“It has handed each homes, it has votes, it has assist, the environmental group helps it, and we count on that the Ggvernor will signal it into legislation shortly,” Parker mentioned.