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New York Democratic Lawmakers Want Bitcoin Miners to Pay More Tax. Here's Why
['Thu', 'October', 'At Pm Gmt', 'Min Read']
Yahoo Finance
New York lawmakers are trying to tax Bitcoin miners, citing excessive electricity use driving up bills for ordinary citizens as the reason for a new bill.
Democratic Senator Liz Krueger and Assemblymember Anna Kelles introduced a bill Wednesday trying to impose an excise tax on proof-of-work crypto miners.
Operations using between five and 10 million kWh would pay 3 cents, and miners using 10 and 20 million kWh would get hit with 4 cents per kwH.
Consumption above 20 million kWh would face a rate of 5 cents per kWh.
US Debt Ceiling Deal Blocks 30% Bitcoin Mining Tax: CongressmanDecrypt reached out to Senator Krueger's office for further comment.