White House wants crypto miners to pay 30% climate change tax

The Biden administration is proposing to impose a 30% tax on cryptocurrency miners to combat climate change.

shooting range miner

according to yahoo newsThe Council of Economic Advisers (CEA), an agency within the Office of the President of the United States, promotes a Digital Asset Mining Energy (DAME) tax.

The CEA says cryptocurrency miners are harming society by increasing local pollution and greenhouse gas emissions, increasing energy costs, and acting without responsibility. increase.

The agency argued that its proposed DAME tax would remedy the harmful environmental and social impacts of crypto mining.

“Cryptominers’ high energy consumption negatively impacts the environment, quality of life, and power grids these companies are located across the country.”

Proof-of-Work mining has recently become a political issue, with advocates opposing efforts to suppress mining activity in the United States.

Last month, the Texas Blockchain Council launched a “Don’t Destroy Texas Innovation” campaign. This aims to block legislation designed to end incentives for bitcoin miners in the state.

Similarly, during a recent Senate hearing, Senator Cynthia Lumis argued that environmental standards set by the Crypto Environmental Transparency Act should not be used to constrain miners.

war on crypto

CEO of Satoshi Action Fund, regarding the tax plan, Dennis Portersaid it was an unfair and discriminatory action to suppress the US bitcoin mining industry.

He added that if enacted, mining companies would respond by leaving America’s shores, causing an outflow of innovation and capital to more friendly jurisdictions.

Imagine imposing a 30% tax on internet companies in the 90’s. That would have ensured that all jobs and economic growth would occur outside the United States. “

whale wire DAME tax isdestroy bitcoin completely” leading to the collapse of the network. At the same time, he said, this scenario would have a positive price effect.

If you think we’re cheap now…you’re in for a treat!

After China banned bitcoin mining in May 2021, the United States became the largest mining nation, with about 35% total hash rate by January 2022

Recently, the Bitcoin hashrate has continued to climb, reaching an all-time high. 440.7 million TH/s May 1 – Suggests mining confidence.

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