New York Proposes Electricity Consumption Tax on Bitcoin Miners

ChainCatcher news, New York State Democratic Senator Liz Krueger and Assemblywoman Anna Kelles have introduced a new bill proposing a tiered electricity consumption tax on bitcoin miners. Depending on electricity usage, the tax rate will range from 2 cents to 5 cents per kilowatt-hour, while miners using sustainable energy will be exempted.

According to research, cryptocurrency mining facilities have caused New York State residents to pay an additional $79 million in electricity bills annually, and small businesses to pay an extra $165 million. The tax revenue collected will be used to support the state's energy assistance programs for low-income households.