New York City mayor Eric Adams, who is seen as a huge believer in the Crypto industry Has mentioned in his recent tweets that, he is working with the state regulators on banning the proof of work mining processes for approximately 2 years in New York City.
Adams Proposed that proof-of-work (PoW) mining activities will involve a huge amount of electric energy Consumption that is not considered to be an effective use of electric energy in the country.
What is the view of Eric Adams towards crypto?
Eric Adams Wants to make New York city the hub of the Crypto industry and he has been focused on all the parameters which will make the city the first place of rice for all Crypto Activities at the present moment and in future sceneries. Adams Wants to work on the efforts of stopping the proof of work processes which will reduce the energy missions in the City.
Adams believes that the processes of crypto regulation and trust revival variation cannot be achieved at the cost of the environment and state-wide efforts will help to regulate these processes in the crypto industry.
Adams wants to make New York City a Crypto hub in the US. Along with that Adams also believes that passing the new law with the help of New York governor Kathy Hochul will help in the process of banning proof of work in the crypto industry for approximately two years in New York State and Will help stabilize the environment Related costs for the Crypto mining processes in the country.
After going through the veto process with the governor for this bill, Adams mention that this newly signed law will be helpful for regulators to work in collaboration with the Crypto industry development and all the leaders of legislation in New York City.
Adams in this recent tweet has mentioned that he will work with all the legislatures who are having positive perspectives towards the Crypto industry along with the others were having concerns with the Crypto the industry with the help of a great meeting place after passing this bill in the New York City.
This bill which is considered a PoW mining moratorium will not only provide new mining operations in New York City but also refused the renewal of the new licenses which are operating in New York City for the proof of work processes. Along with that the State Authority will only all of the proof of work mining operations in the New York State if they are using 100% renewable energy for all this Crypto-related process.
The hash rate is considered an important factor in the proof of work mining process. According to the reports of Coingraph, this hash rate of Bitcoin mining Accounts for approximately 37% of total global mining in the US.
With the help of this, a two-year ban on mining this proof of work process. These crypto mining activities will prove costly in the crypto industry and this can be transferred into a domino effect for other states in the US and the country can be able to effectively work on the power consumption issue.