According to a report from CoinWorld, on October 3rd (UTC+8), New York State Senator Liz Krueger submitted Bill S8518, which proposes to impose a tiered electricity consumption tax on cryptocurrency mining businesses that use Proof of Work (PoW). The tax rate ranges from 2¢ to 5¢/kWh, calculated based on annual electricity consumption brackets. The bill stipulates that tax revenue will be used to fund energy subsidy programs for residents, and off-grid renewable energy facilities may be exempt. The bill has currently been submitted for committee review.