The city will work with legislators to find a balance between industry development and legislative goals
With the bill signed into law, the city will work with legislators to find a balance between the crypto industry development and legislative needs, Adams“I’m going to work with the legislators who are in support and those who have concerns, and I believe we are going to come to a great meeting place.”
The PoW mining moratorium will not only prohibit new mining operations but also refuse the renewal of licenses to those who are already operating in the state, as reported by Cointelegraph. Any new PoW mining operation in the state could only operate if it uses 100% renewable energy.The United States leads Bitcoin mining hash rate share by country, with 37.8% of Bitcoin network hash rate coming from the country.
“We must become a welcoming place for all technology. And crypto is part of the overall technology we’re looking at,” Adams said. “The question is: how do we make smart choices so that New York City — and America — is a leader in this new technology?”, stated Adams.take his first three paychecks in cryptocurrencyNew York has some of the strictest crypto exchange rules in the United States.
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