Biden budget proposes 30% tax on crypto mining electricity usage

[FP91G]

The tax would be phased-in at 10% per year over three years and covers electricity generated from both on and off-grid sources.
United States crypto miners could eventually be subject to a 30% tax on electricity costs under a budget proposal by President Joe Biden aimed to “reduce mining activity.”

A Department of the Treasury supplementary budget explainer paper released March 9 said any firm using resources — whether they be owned or rented — would be “subject to an excise tax equal to 30 percent of the costs of electricity used in digital asset mining.”
https://cointelegraph.com/news/biden-budget-proposes-30-tax-on-crypto-mining-electricity-usage

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[dzungmobile]

One topic about it hours ago.

[NEWS] Biden budget proposes 30% tax on crypto mining electricity usage

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[Artemis3]

Say NO to discrimination, this is a politician mistake, thinking some industry is "bad" and needs to be "punished".

Since when the IT industry is bad? Data centers and Bitcoin mining are the same, why the discrimination? So he prefers more polluting industry instead? Or he simply wants that wealth out of the country? Don't worry, those large miners have no trouble moving elsewhere, just look at what happened in China...

Until the mining profits are low enough that large operations become unfeasible, it will remain occurring somewhere in the world.. There is no need to do anything, as this activity is destined to dwindle over time, thanks to the halving, which is just a governor for the inevitable.

And what about those that built/purchased their own power plants? A century ago if a factory wanted electricity they had to generate it on site on their own. Grids became a thing later.

Why does Biden care if a nuclear power plant is destined for this and not a town? This is the socialist mindset. Some are even curtailing voluntarily and just use the excess. In the future when this operation isn't as profitable, the power plant may still be there to connect it to the grid after the mining operation is closed.

As always, the best is for the State to not meddle and let the free market do its thing.