New York Targets Bitcoin Mining With Proposed Tax Hike Bill

New York Senator Proposes Crypto Tax on Energy Use by Miners - Blockonomi

TLDR New York State Senator Liz Krueger has introduced a bill to impose a tax on crypto energy consumption by mining companies. The proposed tax will be levied in tiers based on annual energy usage, with miners using more power paying higher rates. Miners consuming up to 2.25 million kWh annually will be exempt from the tax. The bill includes exemptions for miners using 100% renewable energy. The proposed tax could impact smaller miners relying…

New York Targets Bitcoin Mining With Proposed Tax Hike Bill

The post New York Targets Bitcoin Mining With Proposed Tax Hike Bill appeared on BitcoinEthereumNews.com. Yesterday, two members of the New York State (NYS) Senate introduced Senate Bill 8518 (S8518), which imposes excise taxes on digital asset mining using the proof-of-work consensus mechanism, making it even more difficult than it already is for bitcoin miners to operate in the state. NEW: New York introduces anti-bitcoin mining bill S8518 wou…

New York Proposes a Bold Bitcoin Anti-Mining Bill with an Electricity Tax - The Cryptocurrency Post

State Senator Liz Krueger has introduced a new Bitcoin anti-mining bill in New York, proposing a special tax on the electricity used in this activity. This legislation comes at a time of intense debate over the energy and economic impact of crypto mining. The bill aims to balance technological innovation with sustainability and consumer protection against rising energy costs. The proposal is already sparking discussions among lawmakers and the c…