NYC mayor supports cryptocurrency, not crypto-mining

TL;DR Breakdown

• New York City’s crypto-enthusiast mayor, Eric Adams, has stated that he is opposed to cryptocurrency mining.
• In late 2021, the NYC mayor asked to take his first three paychecks in Bitcoin instead of dollars.

It is common for a mayor of New York City to face an irate question from a legislator on occasion. It occurs during his annual trip to the State Capitol in Albany when he seeks funds, which has become known as “Tin Cup Day.” On Wednesday, his crypto stance unexpectedly changed- or rather made clear, causing a stir in the cryptocurrency sector.

NYC Mayor: I support cryptocurrency, not crypto mining

Mayor of NYC, Eric Adams, is attempting to make the Big Apple a crypto trading center. However, he has now stated that he supports environmentalists who disagree with the energy-intensive mining process.

On Wednesday, Adams told a joint session of state lawmakers in Albany, “I support cryptocurrency, not crypto mining.” After his confirmation of support for Bitcoin, environmentalists criticized the mayor for not doing more to oppose the mining process. 

Following the events, NYC state lawmakers and local people have rallied against an upstate plant utilized to keep a mining operation going. Greenidge Generation, the company that operates the plant, claims that it is carbon-neutral and has no significant impact on the local environment.

 However, as of yesterday, Mayor Adams has clarified where his loyalties lie in the cryptocurrency industry. Earlier, several members of Congress have been alarmed by Adams’s unbridled embrace of cryptocurrencies.

Dr. Anna Kelles, a Democratic representative from NYC’s 125th district, praised Adams distinguishing between crypto and its mining. She went on to say that without supporting environmentally detrimental bitcoin mining, NYC could become the crypto capital of the United States.

Additionally, his stand was praised by the Seneca Lake Guardian, a non-profit environmental organization.

Mayor Adams promised to make NYC notorious for its stringent regulatory regime, the epicenter of the crypto business, giving Miami a run for its money. However, Adams’ remark has been slammed by Bitcoiners as “shameful.” Bitcoiners claim it is impossible to be pro-crypto while also opposing mining.

The Mayor’s first three paychecks in crypto

Recently sworn into office, Adams said he’d take his first three paychecks in Bitcoin and Ethereum. He is the former police captain who succeeded Mayor Bill de Blasio at January’s end of his term.

Mr. Adams asked for three months’ pay in the cryptocurrency. The request was more than that of the mayor of Miami, Francis Suarez. Suarez tweeted that he would take his first paycheck in Bitcoin if re-elected.

Since winning office, Mayor Adams has been battling with Suarez to see who can make their respective territories into crypto capitals of the country.