NY Lawmakers Dey Propose Tiered Bitcoin Mining Energy Tax
New York lawmakers don drop Bill S.8518 to put tiered energy tax for proof-of-work bitcoin mining. Under dis proposal, any operation wey use up to 2.25 million kWh per year no go pay tax. For usage between 2.26 and 5 million kWh, you must pay $0.02/kWh, e go rise to $0.03 for 5–10 million kWh, $0.04 till 20 million kWh and $0.05 beyond that. If miner use renewable energy completely, dem no go pay dis tax. The money from this tax go help fund state energy programs for low and moderate-income households. The sponsors believe say the bitcoin mining tax fit cover $79 million in home energy cost and $165 million for small biz energy yearly. This tax also wan help reduce emissions and lessen pressure on the power grid to make sure miners pay their fair share for the high utility bills. But critics warn say higher costs fit make miners move go other states, wey fit affect local mining work.
Neutral
Even tho di tiered electricity tax dey raise operational cost for miners wey dey New York, di tax no cover everywhere and miners fit move. For short term, di local mining profit fit fall, e fit reduce di regional hashrate and cause small market wahala. But, di bigger Bitcoin network no go get big yawa. Long term, global mining go adjust by moving around and making things more efficient. So, di proposed tax no go too affect BTC price movement.