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Mayor of New York intends to find a compromise between the crypto industry and legislators

The head of the city hall of the largest American business center, despite the ban on mining with proof of work (PoW), assured that the city still intends to become the center of the crypto industry.

According to New York Mayor Eric Adams, reducing CO2 due to the mining of cryptocurrencies on PoW, it can be quite combined with support for the development of the cryptoindustry. The official says that once the bill is signed, the city will work with lawmakers to strike a balance between industry development and legislative needs:

“I’m going to work with lawmakers who support the industry and those who have concerns. I believe that we will come to a compromise.”

Adams is proud that the US leads in the share of bitcoin mining hashrate, with about 37.8% coming from farms located in the US. According to the official, a two-year moratorium on PoW mining could prove to be a costly initiative and even create a domino effect for other states.

“We must become a welcoming place for any technology. Including for cryptocurrencies. The question is how do we make smart choices so that New York and America become leaders in new technologies,” Adams argues.

New York State Governor Kathy Hochul recently signed into law a two-year moratorium on PoW cryptocurrency mining in the state.

Source: Bits

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