According to Odaily Planet Daily, the New York State Assembly introduced Bill A9138 on October 18th. This bill, implemented alongside the previous Senate version S8518, proposes to impose a tiered consumption tax based on electricity consumption on crypto mining companies using the Proof of Work (PoW) mechanism. Companies consuming more than 2.25 million kWh of electricity annually will be subject to a tax ranging from $0.02 to $0.05 per kWh, which will be used to fund energy subsidy programs. Mining farms that use renewable energy and operate off-grid will be exempt. If passed, the bill will officially take effect in January 2027. (Decrypt)