Gov. Kathy Hochul has signed into law a bill curbing cryptocurrency mining at old fossil fuel plants despite a high-profile push by Bitcoin-loving Mayor Eric Adams to get her to veto the legislation.

Environmentalists had pushed for Hochul to impose a two-year moratorium on new permits for crypto mining at mothballed fossil fuel plants amid ongoing efforts to reduce state greenhouse gas emissions 85% by 2050 per a landmark 2019 climate law.

“I am signing this legislation into law to build on New York’s nation-leading Climate Leadership and Community Protection Act, the most aggressive climate and clean energy law in the nation, while also continuing our steadfast efforts to support economic development and job creation in upstate New York,” Hochul said in signing the bill into law. 

The move highlighted Hizzoner’s limited sway with Hochul, who Adams endorsed for a full term ahead of the Nov. 8 election, five months after he urged her to veto the bill sponsored by Assemblywoman Anna Kelles (D-Ithaca) and state Sen. Kevin Parker (D-Flatbush).

“I’m going to ask the governor to consider vetoing the bill that is going to get in the way of cryptocurrency upstate,” Adams told Crain’s New York Business in June. “When you look at the billions of dollars that are spent on cryptocurrency — New York is the leader. We can’t continue to put barriers in place.”

Opponents of the bill had argued that a moratorium would stifle a growing industry in upstate New York after decades of economic stagnation – an argument undermined in recent months by declining cryptocurrency values and the implosion of the FTX crypto exchange.

Cryptocurrencies use technology called a blockchain to record transactions that require lots of energy to process, with computers that crunch the numbers getting paid in small amounts of virtual coins through the so-called mining process.

Adams, who could not be reached for immediate comment Tuesday, said Tuesday that he remains bullish about the future of cryptocurrencies despite recent setbacks.

“These industries are not going to go away because they reach low points. This is an industry that we must embrace, and I’m looking to further lean into blockchain and other technologies,” he told reporters.

Additional reporting by Bernadette Hogan.