New York State Senator Liz Krueger and Assemblymember Anna Kelles have introduced Bill S8518, proposing an electricity consumption tax on Bitcoin mining companies that use significant amounts of power. The bill suggests a tax ranging from 2 to 5 cents per kilowatt-hour, with the revenue directed towards energy subsidy programs for low-income families in the state. Companies utilizing renewable energy sources would be exempt from this tax. Krueger highlighted that cryptocurrency mining facilities have increased annual electricity costs for New York residents by approximately $79 million and for small businesses by about $165 million.