New York plans to impose an electricity consumption tax on Bitcoin miners

ChainCatcher news, New York State Democratic Senator Liz Krueger and Assemblymember Anna Kelles have proposed a new bill to impose a tiered electricity consumption tax on Bitcoin miners. The tax rate ranges from 2 to 5 cents per kilowatt-hour based on electricity usage, with miners using sustainable energy eligible for exemptions.

According to research, cryptocurrency mining facilities cause New York State residents to pay an additional $79 million in electricity costs annually, with small businesses facing an extra $165 million. The collected taxes will be used to support the state's energy assistance program for low-income families.