ECONOMY
2 min readNY State Senators Propose Tax on Bitcoin Mining Operations
TrueGov Editorial Team•4 months ago•2 min read
Democratic lawmakers introduce bill targeting proof-of-work cryptocurrency mining
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Two New York State Senators have introduced legislation that would impose new excise taxes on digital asset mining operations that use proof-of-work consensus mechanisms. Senate Bill 8518, introduced by Democratic Senators Liz Krueger and Andrew Gounardes, proposes a tiered tax structure based on energy consumption, with rates ranging from 0 cents to 5 cents per kilowatt-hour depending on usage levels. The bill exempts operations powered by renewable energy sources as defined by state law.