New York plans to impose a power consumption tax on Bitcoin miners.

According to Mars Finance, New York State Democratic Senator Liz Krueger and Assemblywoman Anna Kelles proposed a new bill to impose a tiered electricity consumption tax on Bitcoin miners. The tax rate ranges from 2 cents to 5 cents per kilowatt-hour based on electricity usage, with miners using sustainable energy being exempt. Research shows that crypto mining facilities cause New York residents to pay an additional $79 million in electricity costs each year, and small businesses to pay an additional $165 million. The collected taxes will be used to support the state's energy assistance program for low-income families.