Key Takeaways
- New York introduced bill S.8518 to tax proof-of-work cryptocurrency mining operations such as Bitcoin.
- The tax revenue is intended to fund energy relief programs for state residents.
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New York lawmakers introduced bill S.8518 today to impose taxes on proof-of-work cryptocurrency mining operations, with revenues directed toward energy relief programs for residents.
The legislation targets Bitcoin and other energy-intensive crypto mining activities amid growing concerns over electricity consumption and utility costs across the state.
Senator Liz Krueger is among the lawmakers pushing S.8518, which specifically addresses cryptocurrency mining’s substantial electricity demands by redirecting tax revenues to state energy affordability programs that support low- to moderate-income households.
Bitcoin mining operations in New York face increasing regulatory pressure over their use of carbon-based fuels, with the proposed legislation designed to incentivize shifts toward renewable energy sources.
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