On October 26, 2025, New York legislators introduced a new bill proposing an excise tax on cryptocurrency mining, specifically targeting operations with high electricity consumption. The legislation exempts miners powered entirely by renewable energy sources, highlighting a growing focus on sustainability in digital asset regulation.
The bill aims to balance state revenue generation with environmental concerns, as crypto mining continues to face scrutiny over its energy footprint. Industry representatives caution that such measures could shift mining activity to states or countries with more favorable regulations.
“We are creating incentives for responsible, green mining while ensuring the state benefits from high-energy operations,” stated Senator Liz Krueger, one of the bill’s sponsors.
The proposal is expected to spark debate among environmental groups, crypto companies, and tax authorities, potentially influencing similar policies in other U.S. jurisdictions.
