New York State Legislature introduces Bill A9138, proposing a tiered consumption tax on proof-of-work mining
ChainCatcher reported that the New York State Assembly introduced Bill A9138 on Friday, which is a companion to Senate Bill S8518. The bill aims to impose a tiered consumption tax based on electricity usage for proof-of-work cryptocurrency mining operations.
According to the bill, mining operations with annual electricity consumption exceeding 2.25 million kilowatt-hours will be subject to taxation, with rates ranging from 2 to 5 cents per kilowatt-hour. The tax revenue will be used to fund New York State's energy affordability programs, providing support to low- and middle-income households. Mining facilities that operate entirely off-grid and use only renewable energy will be exempt from this tax. If passed, the bill will take effect on January 1, 2027.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Blackstone (BX.US) injects up to $1.5 billion, providing fresh ammunition for Pfizer (PFE.US) in the weight-loss drug race
Pfizer announced on Wednesday that it has reached an agreement with Blackstone to obtain up to $1.5 billions in funding to support the development of its experimental monthly obesity treatment drug.
Bernstein Downgrades Nvidia Rating and Target Price
Google (GOOGL.US) DeepMind launches AlphaGenome 2: Capable of decoding DNA cells with nearly double the mutation identification capacity
Google DeepMind has released its AI model AlphaGenome 2, which is trained on maps of over 100 millions of cells and has nearly double the ability of its predecessor in identifying gene expression variations.
The White House did not intervene in the decision-making of Nvidia's board of directors.
Crypto prices
More
