New York State plans to impose an electricity tax on PoW mining companies, while renewable energy mining is exempt.

[Coin World] Coin World reported on October 20 that last Friday, Democratic Congresswoman Anna Kelles introduced Bill A9138 in the New York State Assembly and submitted it to the fundraising committee for review. The bill proposes to impose a consumption tax on the electricity used by digital asset Mining companies that adopt PoW verification, complementing Senator Liz Krueger's Bill S8518. Both bills require encryption mining companies to pay fees to New York State's Energy Affordability Program based on their electricity consumption. The specific tax rate is determined by electricity usage, with no tax for up to 2.25 million kWh, and thereafter taxed at varying rates between 2 to 5 cents per kWh. Bill A9138 stipulates that Mining facilities powered entirely by renewable energy and operating off-grid are exempt from this tax to encourage sustainable development. The tax revenue will be directly used for the Energy Affordability Program. If passed, the tax will take effect on January 1, 2027, and both versions are currently under review by the committee.