March 23, 2023

Bitcoin Frenzy Is Over? Mayor of NYC Speaks Against Proof Of Work

According to a report by the New York Post, the newly appointed New York Mayor, Eric Adams, has taken a stance against crypto mining and Bitcoin. The politician had put up a campaign that swore to turn the U.S city into a “center of cryptocurrency trading”. As odd as it may seem, Adams made a promise to receive his first three salaries in Bitcoin, the biggest crypto by market capitalization. 

The cryptocurrency utilizes a Proof-of-Work agreement algorithm that demands a computational capacity to maintain the network, as well as verify transactions. This instrument has witnessed weighty criticism due to its alleged impact on the environment.

Per the New York Post, Adams took part in a combined session of state lawmakers in Albany, where he had given the emphasis on his backing of crypto trading and not crypto mining. Supposedly, the recently appointed Mayor has witnessed resistance from environmentalist organizations. Generally, Crypto trading, as well as Bitcoin mining, is deemed extremely power-consuming. 

Outstanding profile personalities in the business sector as well as other varying sectors, just like Tesla CEO Elon Musk, have come all out against it, hence spurring a new wave of refusal against this activity as well as those who support it.

Additionally, the New York Post broadcasts a local move, constituting of state lawmakers as well as New Yorkers, in opposition to a gas-powered plant utilized in the mining of Bitcoin. The plant happens to be situated on the shores of Seneca Lake, and it is being blamed for contaminating the rising water temperatures in the area and the air as well.

The plant is in support of an upstate Bitcoin mining procedure, according to a different report from the New York Post, and has developed a form of division between the local dwellers. Many are of the opinion that it has so much heated the lake water that it feels like one is in a hot tub, others feel the mining procedure has introduced economic advantages to the area.”

 The gas-powered plant facilitator is a publicly-traded Bitcoin mining firm called Greenidge Generation. The firm is dedicated to “advance credible Bitcoin mining about the industry,” according to its official website.

A Short-Term Love For Bitcoin?

Regardless, local environmental bodies support Adam and his latest statements. One of the most distinguished, the guardian of the environmental nonprofit, Seneca Lake, stated the following as regards Bitcoin mining and Adam’s statements. The Seneca Lake Guardian is feeling encouraged due to the fact that the Mayor, Adams heard them and comprehended the extreme threats that Bitcoin mining presents to New York State. 

Bitcoin mining could lead to an increment in electricity bills reaching several millions of dollars and as well destabilizing local business ventures, contaminating the water, and occupying the air with harmful CO2 emissions.

About social media, crypto fans have shown their distaste for Adam’s latest comments. The mayor was appointed on a pro-crypto setting, as observed by them, and has technically moved his stand in order to get the support of the various environmental groups. A report has shown that the Bitcoin mining industry is relatively lower than the average for carbon-based undertakings and accounts for 0.08% of worldwide CO2 generation.

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