Senator Liz Krueger and Assemblymember Anna Kelles unveiled legislation this week that would impose a sliding-scale excise tax on proof-of-work (PoW) crypto mining operations, which are known for their intense energy use and growing environmental impact. “Cryptocurrency mining corporations reap enormous profits while externalizing the true costs of their operations onto our communities, our climate, and New York families’ utility bills,” Kelles said in a statement. The lawmakers say revenues from the tax — estimated at over $500 million annually — would fund the state’s Energy Affordability Programs, which provide utility bill relief for low- and moderate-income households. A 2022 study estimated they drive up electricity costs by $79 million per year for households and $165 million for small businesses statewide. They also generate noise pollution and large volumes of electronic waste — often concentrated in already overburdened environmental justice communities.