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NYC Mayor Eric Adams Opposes Bitcoin Mining, Despite Pro-Crypto Stance

Eric Adams – Mayor of New York City – is undoubtedly bullish on crypto. Yet when it comes to crypto mining, he appears to be towing the party line.

In a joint session on Wednesday, the newly elected Democrat said he doesn’t support cryptocurrency mining. Though environmentalists appear pleased with his remarks, they may damage the mayor’s campaign to attract the crypto industry to NYC.

‘Crypto’, Not ‘Mining’

According to the New York Post, the mayor has chosen to side with environmentalists that have repeatedly sounded the alarm about mining’s energy intensity. “I support cryptocurrency, not crypto mining,” he told Albany’s state legislators.

Adams to Be Sworn in at Times Square New Year's Celebration - Bloomberg
Eric Adams. Source: Bloomberg

When it comes to energy consumption from “crypto” mining, Bitcoin is the overwhelming culprit. The premiere blockchain consumes 125.13 TW/h of electricity every year, surpassing the energy use of many small countries. This is part of the “mining” process, by which network nodes spend energy competing to create another transaction block for a Bitcoin reward.

Mayor Adams has nothing against Bitcoin as an asset. He recently accepted pay for his first mayoral paycheck in BTC, with two more to follow. He is currently embroiled in a public rivalry with Miami Mayor Francis Suarez to attract the crypto industry.

Nevertheless, the energy spent securing the network has rubbed many of his party and voter bases wrong. Democratic Senator Elizabeth Warren recently called out the mining industry demanding details on its greenhouse gas emissions. Last month, a European regulator suggested a ban on Bitcoin mining per the same issue.

Mining: Boon Or Burden?

“Bitcoin mining could cost New Yorkers millions of dollars in energy bills while kneecapping local businesses, poisoning our water, and filling our air with deadly CO2 emissions,” said environmental non-profit Seneca Lake Guardian. The organization praised the mayor’s clearly stated position against the industry, calling mining a “major threat” to New York State.

By contrast, states like Texas have been attracting every Bitcoin miner they possibly can. This is because the state’s governor views Bitcoin mining as a long-term stabilizer of Texas’s rickety energy grid rather than a threat to it.

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Not all of Bitcoin’s energy consumption is environmentally harmful, either. For example, one city in Texas is set to build a $2.4 billion data center that engages in Bitcoin mining fully powered by renewables. Such green sources are thought to be more commonplace ever since China ejected its dirty-coal miners from its borders.

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