The post New York Targets Bitcoin Mining With Proposed Tax Hike Bill appeared on BitcoinEthereumNews.com.

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. NEW: New York introduces anti-bitcoin mining bill S8518 would impose an excise tax on proof-of-work mining, to fund low income utilities affordability programs. pic.twitter.com/Yw5TguNkGv — Bitcoin Laws (@Bitcoin_Laws) October 2, 2025 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 every kWh between 5 million and 10 million kWh per year 4 cents per kWh for every kWh between 10 million and 20 million kWh per year 5 cents per kWh for every kWh over 20 million kWh per year The proposed taxes will not apply to miners who utilize renewable energy sources, as defined by Section 66-P of NYS public service law, to power their facilities. The mining facility would also have to “not [be] operated in conjunction with an electric corporation’s transmission and distribution facilities,” according to the bill. The bill also stipulates that all taxes, interest, and penalties collected as a result of this potential law be used to subsidize energy customers enrolled in NYS energy affordability programs. The introduction of this bill comes approximately one year after NYS’ digital asset mining moratorium expired. The moratorium banned any digital asset mining that…

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Filed under: News - @ October 2, 2025 8:25 pm