TechFlow news, October 20 — According to Decrypt, the New York State Assembly introduced Bill A9138 on Friday. This bill complements Senate Bill S8518 and aims to impose a tiered excise tax based on electricity consumption for proof-of-work cryptocurrency mining operations.
Under the bill, mining operations consuming more than 2.25 million kilowatt-hours annually would be subject to taxation, with rates ranging from 2 to 5 cents per kilowatt-hour. The revenue generated would fund New York's energy affordability programs, supporting low- and middle-income households. Mining facilities that operate entirely off-grid using renewable energy sources would be exempt from this tax. If passed, the bill would take effect on January 1, 2027.
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