New York Lawmakers Propose Crypto Mining Tax to Curb Rising Electricity Costs

New York lawmakers are pushing forward a new bill targeting crypto mining operations due to their heavy electricity consumption. Introduced on October 1 by State Senator Liz Krueger and Assemblymember Anna Kelles, Senate Bill S8518 proposes a tax on mining firms, calculated according to the amount of power they use annually. Lawmakers argue that large-scale mining drives up energy prices for residents and small businesses, creating an unfair burden. Under the bill, revenue collected from the tax would be directed into the state’s Energy Affordability Programs, which are designed to help low-income households manage rising utility bills. If passed, the law could reshape how mining operations function in New York, balancing innovation with social responsibility.