New York lawmakers propose electricity tax on crypto mining

Democratic lawmakers in the New York State Assembly have begun the legislative process to impose a steep electricity tax on proof-of-work (PoW) cryptocurrency mining, Decrypt reported. The proposed legislation, Assembly Bill A9138, would levy a special excise tax on electricity consumed during mining and has been referred to the Ways and Means Committee. The move follows the introduction of a companion bill (S8518) in the State Senate earlier this month by Democratic Senator Liz Krueger, chair of the Senate Finance Committee.