Crypto Miners in NY: Pay Up or Pack Up? 💸⚡

by

Oh, the drama! New York State Senator Liz Krueger has decided to crash the crypto party with a bill that’s got miners sweating more than a Bitcoin in a bear market. 🤑💦 Her masterplan? Slap excise taxes on the energy these crypto wizards guzzle. Because, you know, nothing says “welcome to the Empire State” like a hefty bill for keeping your rigs humming. 🎉🔌

Here’s the tea: the tax is tiered, because why not add a little complexity to the mix? Miners using 2.25 million kWh or less per year get a free pass (yay, small fry! 🐟). But if you’re guzzling between 2.26 million and 5 million kWh, brace yourself for a 2-cent tax per kWh. And it only gets spicier from there: 3 cents for 5-10 million kWh, 4 cents for up to 20 million kWh, and a whopping 5 cents for anything over 20 million kWh. Ouch. 😬💔

Oh, and here’s the kicker: if you’re a green miner (100% renewable energy, darling), you’re off the hook. 🌱✨ Thanks to Governor Kathy Hochul’s 2022 mining ban moratorium (which, BTW, expired in 2024), clean energy miners got a free pass. But for the rest? It’s time to pay the piper. Or, you know, pack up and head to a state that doesn’t treat crypto like a party crasher. 🏃💨

Crypto mining, as we all know, is basically a high-stakes game of “who can afford to keep the lights on?” 💡 With profit margins thinner than a supermodel’s patience, this tax could be the final nail in the coffin for miners relying on grid electricity. Will they stay and pay, or will they flee to greener (and cheaper) pastures? Stay tuned, folks. 🍿🎢

Electricity Costs: The Real Crypto Killer? ⚡💀

Let’s face it, mining Bitcoin isn’t for the faint of heart-or wallet. Companies with deep pockets can build renewable energy empires in the middle of nowhere, but the little guys? They’re stuck paying retail prices for electricity. Talk about a rigged game. 🎮💸

And the numbers don’t lie: mining a single Bitcoin cost over $70,000 in Q2 2025, thanks to soaring difficulty and hashrates. Meanwhile, energy prices hit $0.08 per kWh, doubling costs for poor TeraWulf in upstate New York. Result? A $61.4 million loss. Oopsie. 😱💸

So, what’s next for New York’s crypto miners? Will they pay up, pack up, or pull a Houdini? Only time will tell. But one thing’s for sure: the Empire State just got a little less friendly for the blockchain crowd. 🗽🤷‍♀️

Read More

2025-10-03 00:53