Bitcoin Magazine New York Targets Bitcoin Mining with Proposed Tax Hike Bill

Yesterday, two members of the New York State (NYS) Senate introduced Senate Bill 8518 (S8518), which imposes excise taxes on digital asset mining using the proof-of-work consensus mechanism, making it even more difficult than it already is for bitcoin miners to operate in the state.

S8518, which was co-sponsored by Liz Krueger (D) and Andrew Gounardes (D), stipulates that bitcoin and digital asset miners in the state will pay increased taxes based on the amount of energy that they use.

The rates are as follows: • 0 cents per kilowatt-hour (kWh) for every kWh less than or equal to 2.25 million kWh per year • 2 cents per kWh for every kWh between 2.25 million and 5 million kWh per year • 3 cents per kWh for

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