New York State Democrats propose to restrict proof-of-work mining

Foresight News: According to a report by Decrypt, on October 18, the New York State Assembly introduced Bill A9138, which is to be implemented in conjunction with the previous Senate version S8518. The bill proposes a tiered consumption tax on cryptocurrency mining companies that use the Proof of Work (PoW) mechanism, based on their electricity consumption. Companies consuming more than 2.25 million kilowatt-hours annually will be taxed, with rates ranging from $0.02 to $0.05 per kilowatt-hour. The revenue will be used for energy subsidy programs. Mining farms that use renewable energy and operate off-grid may be exempted. If passed, the bill will take effect in January 2027.