Bills A9138 and S8518 propose a tiered electricity consumption tax on crypto mining, with exemptions for operations using renewable or off-grid energy.
New York State lawmakers introduced Bill A9138 and Senate Bill S8518 to impose a tiered consumption tax on cryptocurrency mining companies using proof-of-work mechanisms. Mining operations consuming over 2.25 million kWh annually would face taxes between $0.02 and $0.05 per kWh, with revenues funding energy subsidy programs. Facilities using renewable or off-grid energy sources would be exempt. If approved, the law would take effect in January 2027.