The NYCCoin is set to launch on Nov. 11 with the community-led proposal endorsed by New York City’s Mayor-elect Eric Adams. The NY-focused cryptocurrency is being launched by CityCoins, the same firm that provides the MiamiCoin. The project utilizes the Stacks Protocol built atop of the Bitcoin blockchain to enable smart contracts and issue its coins. CityCoins tweeted on Nov. 9 that it was activating NYCCoin mining this week after Adams stated on Nov. 4 that he wanted to have a “CityCoin for NYC” like in the case of Miami City. Adams followed that up earlier today by posting that …

Cryptocurrency lending firm Nexo Financial denies the allegations of offering unregistered services to New Yorkers put forth by Attorney General Letitia James. Attorney General James directed two unnamed crypto lending companies to cease operations on Monday, citing failure to register the business in New York and performing unlawful activities. Crypto lender Nexo is revealed to be one of the two companies to receive the cease and desist order from the Office of the Attorney General. Denying its involvement in unlawful operations, a Nexo spokesperson said: “Nexo is not offering its Earn Product and Exchange in New York, so it makes …

New York State Governor Kathy Hochul has been asked by a group of local businesses to deny permits for converting the city’s old fossil-fuel power plants into crypto mining centers. The request comes in the form of a letter co-signed by a number of organizations, businesses and labor groups. The letter calls for an environmental assessment for proof-of-work (PoW) cryptocurrency mining in the state of New York while urging Governor Hochul to deny permits to convert the Greenidge Generating Station and the Fortistar North Tonawanda power plants into crypto mining facilities: “Proof-of-Work cryptocurrency mining use enormous amounts of energy to …

Bitcoin mining company Greenidge Generation is planning to increase the number of renewable energy sources available for use in New York. In a Thursday announcement, Greenidge said it would be using the profits from its Bitcoin (BTC) miners in the Finger Lakes region of New York state to expedite the closure of a nearby coal ash landfill. The company plans to transform the Lockwood Hills site into a solar farm capable of generating 5 megawatts of power. Greenidge CEO Jeff Kirt said the project was “making more renewable energy a reality by leveraging Bitcoin mining profits to fund the creation …

A bill which would have required miners in New York to halt operations for three years as part of an apparent effort to slow the environmental impact of crypto has been defeated in the state legislature. New York Senate Bill 6486 failed to pass the state assembly today after lawmakers in the Democrat-controlled state senate approved the legislation earlier this week. The bill was aimed at establishing “a moratorium on the operation of cryptocurrency mining centers” while experts considered the environmental impact of mining, particularly those backed by fossil fuels. According to a Connecticut-based National Public Radio affiliate, the International …

Bakkt has become the latest crypto firm to get a BitLicense. On Thursday, the New York Department of Financial Services announced that Bakkt had become the 29th BitLicensee. First granted to Paxos in 2015, the BitLicense is New York's program for regulating digital currency firms. With it, Bakkt will have new access to offer crypto trading in the financial center of the U.S. The NYDFS also took the opportunity to plug its other crypto initiatives, including a tech sprint that aims to find new ways of getting data from firms to regulators in real time. While New York's regulation has …