New York Lawmakers Push Tax on Bitcoin Miners Over Energy Use
- Senate Bill S8518 proposes an excise tax on proof-of-work crypto miners in New York, scaled by electricity usage and exempting renewable energy users.
- Revenues would support Energy Affordability Programs, with lawmakers citing annual bill increases of US$79m for households and US$165m for small businesses.
- With Bitcoin mining costs above US$70,000, analysts warn the tax could render grid-based mining financially unsustainable.
New York legislators have unveiled a proposal to introduce a new tax on cryptocurrency mining operations, citing the industry’s high electricity consumption and its impact on household utility bills.
Senator Liz Krueger and Assemblymember Anna Kelles introduced Senate Bill S8518,…
