During Eric Adams’ time in office, the NY state government passed a law which will implement a two-year moratorium on proof-of-work mining, and the crypto market turned bearish.
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During Eric Adams’ time in office, the NY state government passed a law which will implement a two-year moratorium on proof-of-work mining, and the crypto market turned bearish.
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“People will stop mining the coin if they can’t make money off of it,” according to Michael Bloomberg who referred to the two previously hyped city coins.
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Mayor Adams previously said he would be accepting his first three paychecks, or $97,000 annualized, in cryptocurrency
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Should Eric Adams accept his first three paychecks in Bitcoin, he would likely acquire more than 1 BTC following the price drop to $42,948.
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“We’re glad to welcome you to the global home of Web3!” said crypto-friendly Mayor-elect Eric Adams in response to CityCoins’ roll out of the NYCCoin this week.
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