New York Democrats introduce bill targeting proof-of-work mining tax

The New York Assembly Bill 9138 proposes excise taxes on proof-of-work crypto miners, focusing on their electricity consumption. The tax rates, ranging from 2 to 5 cents per kilowatt-hour, aim to support Energy Affordability Programs.

Mining operations reliant on renewable energy, as well as off-grid setups, will be exempt from this tax. Critics warn that such regulations may discourage mining activities within the state.