The New York state senator has just introduced a bill that will impose new taxes on Bitcoin mining companies. If passed, it collects progressive taxes and places the largest corporations in the highest obligation.
The bill focuses on two issues: broader climate targets and consumer electricity prices. Taxes collected from miners are sent to subsidize the Public Utilities Bill.
New York Bitcoin Mining Law
NYC crypto enthusiasts are cautiously optimistic about Zohran Mamdani’s approach to the industry, but the state legislature is a completely different animal. It has previously enacted hostile laws and may again do so.
Today, Policy Watchdog discovered a bill in the New York Senate that would impose a new tax on Bitcoin mining.
New: New York introduces anti-Bitcoin mining bill
S8518 imposes an excise tax on proof of work mining to fund low-income utility affordability programs. pic.twitter.com/yw5tgunkgv
– October 2, 2025, Bitcoin Act (@bitcoin_laws)
The bill, in theory, covers all work proof tokens. But realistically speaking, it relates to a Bitcoin mining company in New York.
If passed, the bill would collect progressive taxes on these companies. The smallest companies are exempt, but the largest companies can pay more than twice as much as their competitors.
Environmental concerns are flapping
The bill’s text is only three pages long, and is more interested in practical policy frameworks than anything else.
Fortunately, state Sen. Liz Kroger, who introduced the bill, explained her rationale for the move in a press release.
“Cryptocurrency miners make little profit for New York State or the communities they have, but they put a huge cost and burden on fee payers, electrical grids, local environments, and our shared climate.
The environmental impact of AI data centers has been receiving much more attention in recent months than crypto mining, but it is still a potential concern.
Earlier this week, Sen. Sheldon White House warned about “calculations” from the industry’s electricity usage and carbon emissions. Obviously there are still some politicians willing to deal with this issue.
To be clear, much of the bill’s language is centered around the rational self-interest of consumers, rather than the broader fight for climate targets.
Kreuger hammers electricity bills for regular New Yorkers, and the bill directs mining taxes towards an energy affordable program.
So is there a possibility that this Bitcoin mining bill will become a New York state law? So far, it’s hard to be certain.
Krueger has only one co-sponsor of the Senate bill, but is now chairman of the House of Representatives’ finance committee. This influential role could give her the driving force to bring this effort through the first few barriers.
But if it passes, such laws could have a great deal of meaning. Last month, Bitcoin mining company and Google completed a $3.7 billion transaction to build a data center in New York. Regulatory hostility could significantly revert these plans.
The New York Post introduced the anti-Bitcoin mining bill first appeared in Beincrypto.
