New York State proposes electricity excise tax for PoW mining

On October 18, the New York State Assembly introduced Bill A9138, a companion bill to the Senate bill S8518. It proposes imposing a tiered excise tax on electricity consumption by crypto mining companies using the Proof-of-Work (PoW) mechanism. Companies consuming more than 2.25 million kilowatt-hours of electricity annually would be subject to a tax ranging from $0.02 to $0.05 per kilowatt-hour, with the revenue going to energy subsidy programs. Mining farms using renewable energy and operating off-grid would be exempt. If passed, the bill would take effect in January 2027. (Decrypt)