Can NYC Become The 'Crypto Capital Of The Globe'? Adams Flaunts Bitcoin Paycheck Gains
He said NYC will attract global talents and provide opportunities for underbanked communities
$BTC was trading at around $41,000 when Adams first converted his paycheck into Bitcoin and Ethereum
Bitcoin is now trading above $100,000 – 'Who's laughing now?' Adams said Monday
New York City Mayor Eric Adams on Monday bared his plans to turn the city into the "crypto capital of the globe," also flaunting how his first three paychecks that he converted into cryptocurrency back in 2022 have made significant gains.
During a Monday press briefing ahead of the city's first Crypto Summit, Adams vowed his goal remains the same in turning the city into the world's crypto hub.
"It is not the future. It is here, and it is here now," he said of the new financial era where digital assets are beginning to go mainstream. Turning NYC Into a Crypto Capital
In his address, Adams said his main goal is to provide more access to the city's financially underserved populations.
He said NYC has entered "the age of tokenization" and digital assets have become one of New York City's "fastest-growing industries."
To grow the city's economy and make sure NYC doesn't fall behind in the world's transition toward embracing digital assets, blockchain, and crypto assets, Adams said NYC will attract global talents in the space.
He projected that top talents from around the world and also "provide opportunities to underbanked communities and make government more user-friendly."
He noted how the "new form of financing" opens a path for underbanked New York city residents to have "historically" been lacking access to banks and other more traditional financial services.
He added that the city government will work with crypto and blockchain companies "to help them succeed," establishing a welcoming tone that could attract some top players in the sector. NYC Crypto Summit
As for the May 20 crypto summit, the first summit to be held in collaboration with the city government, Adams said it should demonstrate his administration's commitment to "partnership."
He said the summit will not only feature crypto innovators, but also crypto influencers and other advocates who will share their thoughts and insights on helping NYC chart its path toward its goal. Adams Flaunts Crypto Paycheck
Adams also mentioned how his converting of his first three paychecks into crypto has been three years since he made the decision.
Back in 2022, Adams utilized Coinbase to automatically convert his first paycheck into cryptocurrencies. His second and third paychecks as NYC mayor were also converted into crypto.
"As you remember, I supported crypto long before any of my mayoral peers. I was the first American mayor to have my initial three paychecks converted into crypto, way back in 2022. Many people laughed at me. Now all I can say is, 'Who's laughing now?'," Adams said.
In January 2022, when Adams had his first paycheck converted to Bitcoin and Ethereum, BTC prices were at around $41,000 while ETH prices were trading at around $3,000.
While Ethereum has fallen since then to around $2,400 as of late Monday, Bitcoin is trading above $100,000. If Adams didn't sell any of his BTC since his paycheck conversion, he has undoubtedly made gains on his Bitcoin.
Adams is also known for having suggested back in 2021 that crypto should be taught across NYC schools as he highlighted his dreams of turning the city into the center of tech and fintech innovation.
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DW
3 days ago
- DW
US rural communities bearing the brunt of bitcoin mining – DW – 06/30/2025
As US President Donald Trump loosens cryptocurrency rules, one community tells how noise and pollution from a local Bitcoin mining operation has become "relentless." In the quiet village of Dresden on the western shore of Seneca Lake in thestate of New York, the fire whistle blows like clockwork at noon every day. Residents don't mind; it's a familiar sound that blends into the rhythm of their small-town life. But there's one noise some of the 300 villagers cannot stand: the constant, mechanical droning of Greenidge Generation. This former coal-fired facility is now a natural gas "peaking plant" that supplies electricity to New York during high demand. Since 2019, it has also powered an energy-gulping Bitcoin mine. Locals say that on some days, the sound it emits is like a refrigerator humming in the background, but when the wind shifts just right, it becomes more of a roar. Winton Buddington, who owns a home in Dresden, said "it was a nice and peaceful community," until 2017. "Then, Atlas Holdings purchased the property." Retired nurse Beth Cain says research shows that constant noise "does affect people. It creates stress for your system," she said, adding that it's like "having tinnitus." But the unwanted soundscape is not the only concern locals share about the plant, which also discharges hot water into the lake and emits carbon dioxide and other greenhouse gases. Many in the community, including Yvonne Taylor, vice president of Seneca Lake Guardian, a grassroots environmental advocacy group in upstate New York, fear that Greenidge poses a threat to the broader region, whose wineries and Mennonite farms are big visitor attractions. "[The wine and tourism industry] is our driving economic engine, and all of those jobs rely heavily on clean air and clean water for survival," Taylor said. Large-scale crypto-mining operations such as the one in Dresden consume massive amounts of energy. They thousands of computer servers to compete in solving mathematical problems that validate blockchain transactions. By 2021, the Greenidge facility was generating about 44 megawatts to mine Bitcoin, which is enough to power up to 40,000 homes — depending on their consumption levels. "Each one of those machines has to solve a puzzle. Each machine can solve that puzzle about 100 trillion times every second," said Colin Read, author of The Bitcoin Dilemma: Weighing the Economic and Environmental Costs and that requires a lot of energy, which generates a lot of emissions. Citing Greenidge's own data, the environmental law group Earthjustice said the facility emitted almost 800,000 tons of carbon dioxide and CO2 equivalents in 2023 — on a par with the tailpipe emissions of over 170,000 to the US Energy Information Administration, 137 cryptomining facilities were already operating in the country at the start of 2024. The current government has not yet released new figures, but Troy Cross, philosophy professor at Reed College in the US city of Portland and senior fellow at the nonpartisan Bitcoin Policy Institute expects that under self-proclaimed "crypto president" Donald Trump, Bitcoin companies will face fewer barriers when scouting for new mining locations. "Trump will make it easier for the large Bitcoin mining companies in the US, and especially in West Texas," he said, in reference to the state being a leading producer of coal and natural gas. It's also among the top states in solar and wind energy coming to office, the president has already formed a working group to draft pro-crypto regulations and has announced a national reserve to stockpile digital assets. In a sharp reversal of his earlier stance that Bitcoin was "not money" and a "scam," he has even launched his own meme coin. Taylor says Bitcoin mines are "spreading across the country like a cancer," adding that "slick crypto corporations" are popping up in rural underserved communities with promises of job creation and earnings. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video But pointing to the fact that the Greenidge Bitcoin mine employed 48 people full-time in 2022 — about as many as in a typical McDonald's — she said experience shows that such claims "fall short." Margot Paez, of the Bitcoin Policy Council, who studies cryptocurrency mining in New York State, says Greenidge's decision to co-locate its Bitcoin mine with a natural gas plant is a "terrible" idea. But she adds that the site is just "one bad apple," suggesting that Bitcoin miners should tap into renewables or support grid balancing. In a draft environmental impact assessment of the 11 known crypto facilities within its borders, the state said the energy use from such operations "may contribute to challenges meeting New York's renewable energy transition goals." Residents and environmentalists are also concerned about the Greenidge plant's water use. Keeping the crypto mining computers running without overheating requires massive amounts of water. The facility is permitted to draw up to 139 million gallons (525 million liters) from Seneca Lake every day and dump back as many as 134 million gallons. Having been used for cooling, however, the water returned to the lake is much warmer than when it was taken out. Temperatures range between 86 degrees Fahrenheit (30 degrees Celsius) in the winter and 108 F (42 C) in the summer — which some locals say makes the lake too warm for kayakers and swimmers to enjoy. Residents also worry the warm water could affect aquatic life and trigger more harmful algae blooms in the lake. In 2024, the state environment authorities recorded 377 algal blooms — up from 50 in 2023. Exposure to blooms can cause rashes, coughing, sore throat, stomach pain, and have been involved in legal action that has so far failed to halt the facility's operations. They are also part of a network of experts and activists from affected communities across 17 states that has reached out to Trump's crypto working group to explain the impacts of cryptocurrency policies on rural areas. They have not yet received a response. In Dresden, where some residents rent out their properties to visitors who come for the lake, there are fears that proximity to Greenidge will hurt the local rental market. Even 10 miles (16 kilometers) away in the city of Geneva, residents are concerned about the potential impact of the Bitcoin mining facility. Vinny Aliperti, owner of Billsboro Winery, said the plant hasn't affected his business yet, but he's confident it will. "Clean lakes are a big part of agrotourism. They're the reason people visit the area and the wineries," he said. Greenidge, which describes itself on its website as an "environmental leader in power generation and Bitcoin mining," had not responded to a request for comment by the time of publication. The Torrey Town Board, which governs Dresden, said the plant has complied with all its codes, including an independent noise study. "The Greenidge power plant has been an important part of the Town of Torrey since the 1930s, remaining so today as a valuable employer and community partner," it said. The crypto mine has contributed to the community by donating to Dresden's volunteer fire department and the village playground and supporting businesses in the region during theCOVID-19 pandemic. "They've done those things, but that's not something that we consider to be worth the trade-off of the pollution and the impact they're having on the environment," Buddington play this audio please enable JavaScript, and consider upgrading to a web browser that supports HTML5 audio
DW
4 days ago
- DW
The US rural communities bearing the brunt of Bitcoin mining – DW – 06/30/2025
As US President Donald Trump loosens cryptocurrency rules, one community tells how noise and pollution from a local Bitcoin mining operation has become "relentless." In the quiet village of Dresden on the western shore of Seneca Lake in thestate of New York, the fire whistle blows like clockwork at noon every day. Residents don't mind; it's a familiar sound that blends into the rhythm of their small-town life. But there's one noise some of the 300 villagers cannot stand and that's the constant, mechanical droning of Greenidge Generation. This former coal-fired facility is now a natural gas "peaking plant" that supplies electricity to New York during high demand. Since 2019, it has also powered an energy-gulping Bitcoin mine. Locals say some days the sound it emits is like a refrigerator humming in the background, but when the wind shifts just right, it becomes more of a roar. Winton Buddington, who owns a home in Dresden, said "it was a nice and peaceful community," until 2017. "Then, Atlas Holdings purchased the property." Retired nurse Beth Cain says research shows that constant noise "does affect people. It creates stress for your system," she said, adding that it's like "having tinnitus." But the unwanted soundscape is not the only concern locals share about the plant, which also discharges hot water into the lake and emits carbon dioxide and other greenhouse gases. Many in the community, including Yvonne Taylor, vice president of Seneca Lake Guardian, a grassroots environmental advocacy group in upstate New York, fear that Greenidge poses a threat to the broader region whose wineries and Mennonite farms are big visitor attractions. "[The wine and tourism industry] is our driving economic engine, and all of those jobs rely heavily on clean air and clean water for survival," Taylor said. Large-scale crypto-mining operations such as the one in Dresden consume massive amounts of energy, using thousands of computer servers to compete in solving mathematical problems that validate blockchain transactions. By 2021, the Greenidge facility was generating about 44 megawatts to mine Bitcoin, which is enough to power up to 40,000 homes — depending on their consumption levels. "Each one of those machines has to solve a puzzle. Each machine can solve that puzzle about 100 trillion times every second," said Colin Read, author of The Bitcoin Dilemma: Weighing the Economic and Environmental Costs and that requires a lot of energy, which generates a lot of emissions. Citing Greenidge's own data, the environmental law group Earthjustice said the facility emitted almost 800,000 tons of carbon dioxide and CO2 equivalents in 2023 — on a par with the tailpipe emissions of over 170,000 to the US Energy Information Administration, 137 cryptomining facilities were already operating in the country at the start of 2024. The current government has not yet released new figures, but Troy Cross, philosophy professor at Reed College in the US city of Portland and senior fellow at the nonpartisan Bitcoin Policy Institute expects that under self-proclaimed "crypto president" Donald Trump, Bitcoin companies will face fewer barriers when scouting for new mining locations. "Trump will make it easier for the large Bitcoin mining companies in the US, and especially in West Texas," he said, in reference to the state being a leading producer of coal and natural gas. It's also among the top states in solar and wind energy coming to office, the president has already formed a working group to draft pro-crypto regulations and has announced a national reserve to stockpile digital assets. In a sharp reversal of his earlier stance that Bitcoin was "not money" and a "scam," he has even launched his own meme coin. Taylor says Bitcoin mines are "spreading across the country like a cancer," adding that "slick crypto corporations" are popping up in rural underserved communities with promises of job creation and earnings. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video But pointing to the fact that the Greenidge Bitcoin mine employed 48 people full-time in 2022 — about as many as in a typical McDonald's — she said experience shows that such claims "fall short." Margot Paez, of the Bitcoin Policy Council, who studies cryptocurrency mining in New York State says Greenidge's decision to co-locate its Bitcoin mine with a natural gas plant is a "terrible" idea. But she adds that the site is just "one bad apple," suggesting that Bitcoin miners should tap into renewables or support grid balancing. In a draft environmental impact assessment of the 11 known crypto facilities within its borders, the state said the energy use from such operations "may contribute to challenges meeting New York's renewable energy transition goals." The Greenidge plant's water use is also a concern for residents and environmentalists. Keeping the crypto mining computers running without overheating requires massive amounts of water. The facility is permitted to draw up to 139 million gallons (525 million liters) from Seneca Lake every day and dump back as many as 134 million gallons. Having been used for cooling, however, the water returned to the lake is much warmer than when it was taken out. Temperatures range between 86 degrees Fahrenheit (30 degrees Celsius) in the winter and 108 F (42 C) in the summer — which some locals say makes the lake too warm for kayakers and swimmers to enjoy. Residents also worry the warm water could affect aquatic life and trigger more harmful algae blooms in the lake. In 2024, the state environment authorities recorded 377 algal blooms — up from 50 in 2023. Exposure to blooms can cause rashes, coughing, sore throat, stomach pain, and have been involved in legal action that has so far failed to halt the facility's operations. They are also part of a network of experts and activists from affected communities across 17 states that has reached out to Trump's crypto working group to explain the impacts of cryptocurrency policies on rural areas. They have not yet received a response. In Dresden, where some residents rent out their properties to visitors who come for the lake, there are fears that proximity to Greenidge will hurt the local rental market. Even 10 miles (16 kilometers) away in the city of Geneva, residents are concerned about the potential impact of the Bitcoin mining facility. Vinny Aliperti, owner of Billsboro Winery, said the plant hasn't affected his business yet — but he's confident it will. "Clean lakes are a big part of agrotourism. They're the reason people visit the area and the wineries," he said. Greenidge, which describes itself on its website as an "environmental leader in power generation and Bitcoin mining," had not responded to a request for comment by the time of publication. The Torrey Town Board, which governs Dresden, said the plant has complied with all its codes, including an independent noise study. "The Greenidge power plant has been an important part of the Town of Torrey since the 1930s, remaining so today as a valuable employer and community partner," it said. The crypto mine has contributed to the community by donating to Dresden's volunteer fire department and the village playground and supporting businesses in the region during theCOVID-19 pandemic. "They've done those things, but that's not something that we consider to be worth the trade-off of the pollution and the impact they're having on the environment," Buddington play this audio please enable JavaScript, and consider upgrading to a web browser that supports HTML5 audio
Int'l Business Times
6 days ago
- Int'l Business Times
Bitcoin Mining, Gamified: How GoMining Turns BTC Hashrate into Playable NFTs
The Bitcoin network has been inaccessible to most people since its inception, mostly because it operates as a domain for experts due to its complex nature. The path to becoming a miner includes three major challenges: purchasing costly equipment, learning technical operations, and finding affordable power sources. The current state of the industry has created a barrier that separates a vital segment of the crypto economy from the rest of the enthusiasts who want to participate. GoMining answers that question by changing the terms of engagement. With a significant footprint built over eight years, including 3.5 million users and a network of data centers with over 8.3 million TH/s of mining power, the platform is moving beyond the traditional model. Instead of asking users to become hardware experts, GoMining is transforming mining into an interactive digital experience. From hardware to digital miners The GoMining ecosystem is built around NFTs that represent a real-world share of Bitcoin mining hashrate called "digital miners." Instead of purchasing physical machines or navigating unclear cloud mining contracts, users acquire digital miners that generate daily Bitcoin rewards. In short, GoMining turns a complex industrial process into the ownership of a digital collectible with tangible utility by tokenizing hashrate. Each NFT is backed by a specific amount of computing power, ranging from 1 to 5,000 Terahashes per second (TH/s). Holders can upgrade their digital miners' hashrate and energy efficiency with a few clicks, simulating the experience of scaling a mining operation without the logistical friction. The daily Bitcoin yield from these NFTs is delivered directly to a user's chosen wallet, internal or external. Gamifying The Bitcoin Mining Experience GoMining reinvents the mining experience through gamification. The platform's dashboard equips users with a real-time interface to keep an eye on their BTC yield and NFT statistics, converting passive hardware ownership into active engagement. Users make decisions that directly impact their returns, such as picking a mining pool to join. Akin to selecting a faction in a strategy game, this choice affects the potential rewards. The ability to merge and upgrade NFTs creates a dynamic economy where users continually optimize their assets for better performance, adding another layer of interaction. Making the complex economics of mining both understandable and engaging, this gamified layer offers the psychological incentives of progression and achievement while being directly tied to real-world Bitcoin earnings. A Brief History of Gamified BTC Mining After years of strategic development, the company issued the GOMINING token and secured listings on major decentralized and centralized exchanges in 2021. The year laid important groundwork for establishing a public presence, including ambassadorships with figures like Khabib Nurmagomedov. 2022 saw the core product take shape with the first digital miner collection's release and the GoMining mobile app's launch. That year, the company focused on building the user-facing infrastructure, including an in-house payment gateway and the introduction of GOMINING token payments for services. By 2023, the project had achieved significant scale. The digital miners were listed on Binance, a new tokenomics model was introduced, and a crucial partnership with hardware producer Bitmain was formed. The company's hashrate grew exponentially, surpassing 3,000,000 TH/s with the launch of a new 50 MW data center. The expansion continued through 2024 and 2025. The platform acquired a $3 million investment from Bitscale Capital, obtained legal opinions for operations in the US and South Korea, and received a crypto license in the EU. The hashrate of the project jumped to 8,400,000 TH/s. Building a Bitcoin-Centric Ecosystem Gamified NFT miners form the base layer of a much broader strategy. GoMining is constructing a multifaceted ecosystem centered on Bitcoin, with its native GOMINING token serving as the economic backbone. Available on Ethereum, Solana and Binance Smart Chain (BSC), the token is used for digital miner NFT purchases, upgrades, and settling electricity fees, with users receiving a 10% discount if they choose to do so. Users can stake GOMINING for up to four years to earn yield and vote on important project decisions. The deflationary mechanism of GoMining's token, which involves community-regulated token burns and emissions, is designed to reduce circulating supply and align long-term incentives between the project and its users. This foundation supports an expanding suite of products. Miner Wars is a prime example of this gamified expansion. The game invites players to form clans and compete in timed rounds synchronized with the discovery of new Bitcoin blocks. Success within these 10-20 minute rounds depends on the cumulative hashrate of a clan's members, who can use boosts and other strategic elements to increase their score. Transforming mining into a collaborative and strategic contest, Miner Wars organizes clans into competitive leagues and rewards winners with BTC, adding a dynamic competitive layer. The future roadmap for GoMining includes a launchpad for new BTCfi projects to further integrate the GOMINING token and leverage its growing community. In addition, GoMining has developed a strategic capital division, GoMining Institutional to cater to larger-scale participants. A $100 million Bitcoin mining fund from GoMining Institutional offers annual distributions from mining yield for institutions. The Bigger Picture: Onboarding the Masses to Mining GoMining's strategy mirrors a bigger trend in the crypto industry: making complex financial systems more accessible. It aims to lower obstacles such as high capital requirements, operational expertise, and access to cheap power that have limited Bitcoin mining to a specialized few. GoMining opens up a more approachable entry point as it virtualises the physical infrastructure into a tradable digital asset. The model converts the industrial element of hashrate into a digital component of a game-like economy. The community's rising engagement points to a strong appetite for this approach. GoMining presents a compelling case study on how gamification can onboard a new generation of users to one of crypto's most fundamental activities.
