Biden resurrects 30% crypto mining tax in new budget proposal

[oktana]

This wouldn’t be the same if they used some form of solar energy, I assume. But I also understand that these computers use a lot of energy, but why not gradually migrate to solar energy where you don’t have to answer to anyone and you don’t have to be careful of how much electricity you consume? I don’t know if it’s been discussed before as a solution?

[Assface16678]

This wouldn’t be the same if they used some form of solar energy, I assume. But I also understand that these computers use a lot of energy, but why not gradually migrate to solar energy where you don’t have to answer to anyone and you don’t have to be careful of how much electricity you consume? I don’t know if it’s been discussed before as a solution?

I appreciate the idea. Truly,  solar energy can be an alternative to electricity, but do keep in mind that solar energy equipment or set-up is not a cheap one, or it's also expensive equipment and also the cost of setting it up. But yeah, it is worth it in the long run as you can use it for too long. But the question is, does solar energy match the performance or endurance of electricity? We know how much electricity a mining setup or rig can cost, so it is also very hard to rely entirely on solar energy, maybe just as a supplementary, but that doesn't solve the idea of putting a tax on miners or miners who're using electricity in their mining rig. But I still wonder why they will put taxes on miners while they are already paying electricity bills, but we can't argue with that; we would rather obey than be illegal, right?.

[pooya87]

I predict that if the Donald Trump will win the presidency of America, his administration will certainly treat the cryptospace much better than the Biden administration has treated this. The Donald will want to regulate this, however, it will not be similar to how uncle Gary has done where he is doing regulation through enforcement. The Donald's tactic of regulating the cryptospace will be more diplomatic and fair. We can be quite sure of this.

Whoever takes the office will face the same budget deficits, ginormous expenses, $35 trillion national debt, global dedollarisation, and a lot more issues. They'll have to pretty much increase taxes, increase interest rates, print trillions of dollars, and a lot more to get out of the mess that has been building up for the past 20+ years...

[legiteum]

Biden is making situation worse as usual

Bitcoin went up 500% under Biden.

[larry_vw_1955]

This wouldn’t be the same if they used some form of solar energy, I assume.

the way i understand it is, they don't care where your energy comes from. it could come from solar panels you own or nuclear power from the power company. you still have to pay the tax. it's not about where the electricity comes from it's about reducing mining activities.

why not gradually migrate to solar energy where you don’t have to answer to anyone

because you still have to pay the 30% tax so no you don't avoid the tax and YES you still answer to the government.

Whoever takes the office will face the same budget deficits, ginormous expenses, $35 trillion national debt, global dedollarisation, and a lot more issues. They'll have to pretty much increase taxes, increase interest rates, print trillions of dollars, and a lot more to get out of the mess that has been building up for the past 20+ years...

you do know why all this financial problems comes from right? from giving out too much free money. i'm all for socialism but let it be for everyone not just some people.

Bitcoin went up 500% under Biden.

https://en.wikipedia.org/wiki/Correlation_does_not_imply_causation

[oktana]

This wouldn’t be the same if they used some form of solar energy, I assume.

the way i understand it is, they don't care where your energy comes from. it could come from solar panels you own or nuclear power from the power company. you still have to pay the tax. it's not about where the electricity comes from it's about reducing mining activities.

why not gradually migrate to solar energy where you don’t have to answer to anyone

because you still have to pay the 30% tax so no you don't avoid the tax and YES you still answer to the government.

But even if you still have to pay it, it still makes a difference that you use solar because it’s free energy which will reduce your expenses. Because the electricity bills for these crypto mining sites are definitely a lot. But like I said, I don’t entirely know because it may not be a valid solution based on the consumption of each device and the number of devices.

[larry_vw_1955]

But even if you still have to pay it, it still makes a difference that you use solar because it’s free energy which will reduce your expenses. Because the electricity bills for these crypto mining sites are definitely a lot. But like I said, I don’t entirely know because it may not be a valid solution based on the consumption of each device and the number of devices.

yeah i agree using solar is free in a sense but it does seem unfair to force people to pay 30% tax on the solar power their own system generates. they should be able to use that power however they wish and not have to pay an excise tax on it but sleepy joe thinks otherwise.

https://www.whitehouse.gov/cea/written-materials/2023/05/02/cost-of-cryptomining-dame-tax/
Estimated to raise $3.5 billion in revenue over 10 years, the primary goal of the DAME tax is to start having cryptominers pay their fair share of the costs imposed on local communities and the environment.

i think part of this $3.5 billion is going to have to be used to print more debit cards to hand out to migrants. you can say that "this 3 billion will be used for this here and that 4 billion for that there..." but in reality, no one knows what is used for what. the $300 on the debit card every week doesn't need to know where it came from. could be from bitcoin miners gettting rearended by an excise tax.  

so in summary, that's one reason why i think this thing is going to pass this time. joe needs the money!

[takuma sato]

I don't understand how can anyone vote for Biden while holding any stack on BTC. If you are serious about this and want to not see the project sabotaged, then you want to put people in power that will lobby for your interests, simple as that. Biden, Warren, AOC and co think they will get more votes being anti Bitcoin and pro Bitcoin, so even if I don't like Trump because he is a clown, I would vote for him at this point. At least he has shown a predisposition to not be hostile against Bitcoin. If they want to go on and vote democrat then they will not have a right to complain when the mining industry in USA collapses and that would suck since investing in Bitcoin miners is a great way to get extra alpha on bullruns.

[legiteum]

I don't understand how can anyone vote for Biden while holding any stack on BTC. If you are serious about this and want to not see the project sabotaged, then you want to put people in power that will lobby for your interests, simple as that. Biden, Warren, AOC and co think they will get more votes being anti Bitcoin and pro Bitcoin, so even if I don't like Trump because he is a clown, I would vote for him at this point. At least he has shown a predisposition to not be hostile against Bitcoin. If they want to go on and vote democrat then they will not have a right to complain when the mining industry in USA collapses and that would suck since investing in Bitcoin miners is a great way to get extra alpha on bullruns.

Bitcoin went up 500% under Biden. If all you care about is your Bitcoin going up in value, then Biden is the best bet.

And trusting Trump to be pro-Bitcoin (and not, say, officially replacing Bitcoin with Trumpcoin) sounds pretty dicey to me.

The safe bet is to stick with Biden.

[larry_vw_1955]

Bitcoin went up 500% under Biden. If all you care about is your Bitcoin going up in value, then Biden is the best bet.

And trusting Trump to be pro-Bitcoin (and not, say, officially replacing Bitcoin with Trumpcoin) sounds pretty dicey to me.

The safe bet is to stick with Biden.

what exactly did biden do to make bitcoin go up though? name one policy. "printing more money" is the only thing i can think of. i dont understand why anyone thinks that a us president could have any affect on bitcoin price at all though. other than "printing more money". all their policies to tax it and things like that only affect americans.

[legiteum]

Bitcoin went up 500% under Biden. If all you care about is your Bitcoin going up in value, then Biden is the best bet.

And trusting Trump to be pro-Bitcoin (and not, say, officially replacing Bitcoin with Trumpcoin) sounds pretty dicey to me.

The safe bet is to stick with Biden.

what exactly did biden do to make bitcoin go up though? name one policy.

There seem to be a lot of Trump supporters here who advocate voting for Trump for the good of their Bitcoin value. I agree it's a tenuous connection to any president, but if there is any, the only president who could beat Biden's record is... Obama  .

 

[larry_vw_1955]

There seem to be a lot of Trump supporters here who advocate voting for Trump for the good of their Bitcoin value.

i hope no one thinks trump cares about their crypto. i seriouisly doubt he cares about crypto at all. he's just not interested in it look at the regulations that got enacted on bitcoin when he was president. people started having to pay taxes on their bitcoin. and yet people want to vote for him because they think he helps bitcoin? he doesn't give a damn about it. trump let the irs start holding americans accountable for declaring their bitcoin to the government he really doesn't care about freedom.

[pooya87]

Bitcoin went up 500% under Biden. If all you care about is your Bitcoin going up in value, then Biden is the best bet.

And trusting Trump to be pro-Bitcoin (and not, say, officially replacing Bitcoin with Trumpcoin) sounds pretty dicey to me.

The safe bet is to stick with Biden.

That was a funny way of campaigning for a presidential candidate

What's funnier is that in a country of over 300 million, Americans are forced to choose between two of the worst candidates of their short 200 year history. Two senile old men both of whom are terrible for everything you can think of from Bitcoin and cryptocurrencies all the way to small domestic issues.

[Luzin]

I'm starting to like Trump more and more. Although he is a Republican. 

Good luck, America! God help us all.

You are too honest... Lol.
But I definitely support trum if I'm a U.S. citizen. The tax is huge, Trump seems to have changed he started supporting crypto with NFTs. So I think everyone will vote for a leader who supports following his interests. I hope Trump's decision to become president will make decisions that continue to support the development of crypto.

[Albarq]

Yet another proposal thread being portrayed like it will definitely become a law in the future. Personally, I don't think this particular proposal will be approved though we never know.


Also, it's hilarious seeing naive people think that Trump would magically care about crypto investors. Most government heads will always try their best to suppress the power of crypto.

I predict that if the Donald Trump will win the presidency of America, his administration will certainly treat the cryptospace much better than the Biden administration has treated this. The Donald will want to regulate this, however, it will not be similar to how uncle Gary has done where he is doing regulation through enforcement. The Donald's tactic of regulating the cryptospace will be more diplomatic and fair. We can be quite sure of this.

with the crypto mining tax, the tactic is to suppress bitcoin and launch digital money, but on the other hand, it will destroy the progress of this industry, but in the future, Trump will enforce bitcoin and care about all of that.

[larry_vw_1955]

What's funnier is that in a country of over 300 million, Americans are forced to choose between two of the worst candidates of their short 200 year history. Two senile old men both of whom are terrible for everything you can think of from Bitcoin and cryptocurrencies all the way to small domestic issues.

What would be even funnier is if america made the same mistake twice in picking him for president a 2nd time after the disaster he has made of it the first time. but i wouldn't put anything past people in america. i don't have an issue with people who voted for biden as long as they keep their mouth shut about all his immigration policies and bitcoin policies but as soon as they say one word of complaint then that makes me think they are as dumb as he is.

trump is better than biden. but i don't think he's ideal for bitcoin. he's too rich and traditional (embedded into the world of fiat) so where he doesn't need or see a need for bitcoin for himself so he thinks other people don't need it either. he's not a proponent of it and he would never do anything to help bitcoin. not what we need.

Maybe AOC for president. I'm not sure what her views on crypto are though.

[bbc.reporter]

I predict that if the Donald Trump will win the presidency of America, his administration will certainly treat the cryptospace much better than the Biden administration has treated this. The Donald will want to regulate this, however, it will not be similar to how uncle Gary has done where he is doing regulation through enforcement. The Donald's tactic of regulating the cryptospace will be more diplomatic and fair. We can be quite sure of this.

Whoever takes the office will face the same budget deficits, ginormous expenses, $35 trillion national debt, global dedollarisation, and a lot more issues. They'll have to pretty much increase taxes, increase interest rates, print trillions of dollars, and a lot more to get out of the mess that has been building up for the past 20+ years...

You have made a very good argument. It appears this Cointelegraph is again only creating another fud for our clicks and engagement hehehe.

In any case, the outcome from this will be similar. Some of these miners under the jurisdiction of America will begin to be not be profitable enough to maintain their mining farms and they will start to migrate to other countries. However, the new mayor of bitcoin might have something to do about this. He does not want his investment bothered by puppets heheheee.

[Reatim]

Lets just admit it. Biden is never going to try and stop taxing people involved in bitcoin.  

He knows or the government sees how impactful bitcoin has been to the individual livelihood of their citizens. America has one of the most bitcoin transactions in the world and we don’t even have the exact number of bitcoin owners in the country.

Of course the government needs to capitalize on that. Quite a bad news for american investors.

[bbc.reporter]

Lets just admit it. Biden is never going to try and stop taxing people involved in bitcoin.  

He knows or the government sees how impactful bitcoin has been to the individual livelihood of their citizens. America has one of the most bitcoin transactions in the world and we don’t even have the exact number of bitcoin owners in the country.

Of course the government needs to capitalize on that. Quite a bad news for american investors.

Similar to what was being mentioned and argued before, the American government will use regulation and taxation to control different types of industries that are under their jurisdiction. This is not only about bitcoin. However, also similar to what @pooya87 has mentioned, the American government has no choice but to increase taxes everywhere. Their national debt is very enormous and much of the monthly interest payment for this will be coming from taxes.

[SilverCryptoBullet]

Similar to what was being mentioned and argued before, the American government will use regulation and taxation to control different types of indistries that are under their jurisdiction. This is not only about bitcoin. However, also similar to what @pooya87 has mentioned, the American government has no choice but to increase taxes everywhere. Their national debt is very enormous and much of the monthly interest payment for this will be coming from taxes.

They can not do all things against their citizens because they need votes from citizens to support their positions in Congress and White house.

If one party over seriously do regulations, they will lose the Congress and White house after four years because most of citizens will not vote for them in a new President Election.

I see fact that no party will completely defend human rights and citizen rights in finance and what they give their citizens is started with their party benefit. It's like a story of "A carrot and a stick".

https://en.wikipedia.org/wiki/Carrot_and_stick