Overview

• Senate Bill S8518 was introduced by Democratic Senators Liz Krueger and Andrew Gounardes to levy an excise tax on proof‑of‑work crypto mining based on annual electricity consumption.
• The proposal sets rates of 0 cents up to 2.25 million kWh per year, then 2, 3, 4, and 5 cents per kWh for successive usage bands above that threshold.
• Operations powered by renewable energy would be exempt, with the bill aiming to encourage cleaner mining practices.
• All revenue, interest, and penalties collected would be directed to New York’s Energy Affordability Programs for low‑ to moderate‑income customers.
• The bill is newly introduced and must advance through committee consideration and full legislative votes before it can become law, with supporters citing research that large mining loads raise statewide electricity costs.