The proposed bills aim to impose a tiered consumption tax on proof-of-work crypto mining companies, with exemptions for renewable energy-powered facilities.
The New York State Assembly has introduced Bill A9138 and Senate Bill S8518, proposing a tiered consumption tax on cryptocurrency mining companies using proof-of-work mechanisms. The tax would apply to companies using over 2.25 million kilowatt-hours per year, with rates between $0.02 and $0.05 per kilowatt-hour. The generated revenue would fund energy subsidy programs. Facilities powered by renewable or off-grid energy sources would be exempt. If approved, the law would take effect in January 2027.