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New York State Senator Liz Krueger introduced a bill on Wednesday to impose excise taxes on energy used by crypto mining companies operating facilities in the state.
The proposed excise tax, which is not the first legislative initiative of its kind, will be levied in tiers, with no charge for miners consuming 2.25 million kilowatt-hours (kWh) or less per year and a tax of 2 cents per kWh for miners who consume 2.26 million to 5 million kWh annually.
Miners who consume between 5 million-10 million kWh per year face a tax of 3 cents per kWh; those using…
