Proposed state bills would impose excise tax on cryptocurrency mining

Proposed state bills would impose excise tax on cryptocurrency mining

TORREY — State Sen. Liz Kreuger, D-28 of Manhattan, and Assemblywoman Anna Kelles, D-125 of Ithaca, have introduced bills to establish an excise tax on proof-of-work cryptocurrency mining facilities, such as the Greenidge Generation plant on the west shore of…

New Tax on Bitcoin Mining Energy Use

New York's new bill proposes tiered tax levels for bitcoin mining's energy use, but miners running fully on renewables get a pass.

New York State Senator Pushes Legislation To Tax Crypto Miners – #CryptoUpdatesGNIT

New York State Senator Liz Krueger introduced a bill on Wednesday to impose excise taxes on energy used by crypto mining companies operating facilities in the state. The proposed excise tax, which is not the first legislative initiative of its kind, will be levied in tiers, with no charge for miners consuming 2.25 million kilowatt-hours (kWh) or less per year and a tax of 2 cents per kWh for miners who consume 2.26 million to 5 million kWh annua…