New York Lawmakers Propose Electricity Tax on Crypto Mining Operations

In a bid to address rising energy costs for residents and small businesses in New York, lawmakers have proposed a tax on cryptocurrency mining operations. Introduced by Senator Liz Krueger and Assemblymember Anna Kelles as Senate Bill S8518, the bill would levy a fee based on the amount of electricity consumed annually by mining firms. Revenue generated from this tax will be directed towards supporting state programs aimed at easing energy affordability burdens for households struggling with high utility bills.