Biden is asking Congress to kill the American Bitcoin mining industry

[STSMiner]

Now, before I get into deep water with any moderators here, this topic is not here to start a fight, so please keep it on topic.

Looking for everyone's thoughts on this, please keep the political content to a minimum.

This story got posted today....

https://cointelegraph.com/news/biden-is-asking-congress-to-kill-the-american-bitcoin-mining-industry

So, lets hear your thoughts on this and if your in the USA, which way will you vote in November ?

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[seoincorporation]

He is not looking to kill it, he is trying to impose the DAME tax, DAME means Digital Asset Mining Energy, and the idea is to start with this tax from 10%, then 20% in the next year and 30% on the 3rd year.

So, the plan isn't to ban the mining, but with those huge taxes, no one will want to mine there. Is not a good business. But i don't think congress will let that tax come to live, and if it does, they will stop it before the 3rd year, because other way people will start creating illegal farms.

[STSMiner]

Tax it to death or ban it still = kill it in the USA no matter what.

Sad thing is that it will cost people their jobs, be it miners, traders and exchanges that operate in the USA with either route they take.

Here's the other sad thing, AI is power hungry too, as are all the data centers that we rely on for day to day things, Gov servers (IRS, Defence, police, DMV etc), traffic control systems, banking, the internet and all the servers and routers and network switches and distribution nodes for the cables in the sea and on land that we rely on day to day for the internet to work.

Why single out BTC / crypto with it's electric consumption ?

[hd49728]

There are supporters of Bitcoin community in the Congress and Biden can not only ask his party mates in the Congress to kill American Bitcoin mining industry. He will not get enough support to pass such a bill. He will not win no matter how hard he tries to do that and I believe he does not aim at killing American Bitcoin mining industry.

Tax, he and his administration want to get more tax for the nation from American Bitcoin mining industry. He can achieve it but he will not achieve a target to kill this industry, even he wants it.

If Bitcoin miners migrate from the USA. to other nations, the USA. will lose significant tax resource.

[STSMiner]

There are supporters of Bitcoin community in the Congress and Biden can not only ask his party mates in the Congress to kill American Bitcoin mining industry. He will not get enough support to pass such a bill. He will not win no matter how hard he tries to do that and I believe he does not aim at killing American Bitcoin mining industry.

Tax, he and his administration want to get more tax for the nation from American Bitcoin mining industry. He can achieve it but he will not achieve a target to kill this industry, even he wants it.

If Bitcoin miners migrate from the USA. to other nations, the USA. will lose significant tax resource.

Yes and no .....  

Why ?

New York (state) banned crypto mining...

`The New York Senate passed Bill S6486D banning cryptocurrency mining in the state when relying on carbon-based energy sources to power their operation.`

If other states follow their lead, which some have, it's game over for most unless you can find another power source that gets round the ban or move to another state that's crypto friendly.

There are states that are also refusing to give out permits / renew them for mining farms as well.

BTW - If you did not read the article that I posted in my first post here ....

President Biden is asking Congress to take aim at the American Bitcoin mining industry — and he's citing China as an example for the United States to follow.

[mochi86_]

tbh atp, Biden is just pulling a Biden here since he's just a frontman of 'his' administration who are actually the ones doing majority of the 'work'.

Someone else on this forum has mentioned about Trump being all over the place but everyone can clearly see that the entire Biden Administration can't even get one thing straight.
^ This comment is a barely off-topic but wanted to make a point to that one person who thinks that one knowledgable man's 'wandering off-point at times' is more embarrassing than an entire administration full of clowns screwing up everything LMFAO (don't worry! This comment is it, nothing more!)

I will admit tho, America being in a hell-deep debt, the Biden administration were tryna find a way to somewhat find a source to repay it, and seeing that Bitcoin being the leading revolution and gaining countless more people into it, I'm guessing the administration wanted to find a easy shortcut since the money pumping through Bitcoin is outstanding.

Seeing that New York has already banned mining for carbon reduction reasons and several other states refusing to give out/renew permits for mining, it already seems like they're working on limiting crypto mining. But tbh, even if the government were to stop crypto mining for the general public they'd still end up producing just as much carbon when mining for themselves. I see it as they want more centralization over Bitcoin and cryptocurrencies which were introduced to be decentralized so that these types of things won't happen. idk, this is just the way I see it but if there is something I may be missing about this, do let me know, I'm still learning and open to other perspectives

But anyways, like everyone else who's commented before me, I agree that the bill can't just be passed as it's more than likely negatively impact America in the long term. Living in America myself, I hope nothing like such bill will be passed since seeing how crypto has revolutionized, it would only be a minor obstacle that crypto can overcome easily but will have a negatively huge impact on America... plus it's already chaotic here lol

[SamReomo]

That high tax on mining is going to cause so much discomfort for the miners of the America. It's not worth it to pose such high taxes on miners, the reward for mining is already half and the miners may face more problems if they get another burden as extra tax that they will have to pay in order to continue their mining operations.

First year tax is 10%, which is quite high for the miners who haven't yet covered the initial cost of the mining machine or ASICS that they have bought for the mining operations. And, the next years that tax will double to 20%, and 30% after that year. The miners have to move their mining setups to other countries if Biden or the government doesn't reduce that tax.

[BALIK]

If I remember correctly, this is not the first time Biden has made this proposal and it has been rejected before. Also, even if this regulation is approved, there is no need to worry, miners will move to friendlier countries. This action cannot stop the popularity of bitcoin or have any positive impact on the US government. They would lose a significant amount of tax revenue if they tried to drive the miners out of their country. To me, this news is no different than Fud, so it's not worth paying attention to.

[Despairo]

This has been discussed before Biden resurrects 30% crypto mining tax in new budget proposal, it will be implemented in the next year.

So, lets hear your thoughts on this and if your in the USA, which way will you vote in November ?

Trump will win.

When Biden become president, Russian invaded Ukraine and Israel attacks Palestine. He also not friendly to Bitcoin. While many people especially the young one is interested to invest in Bitcoin, Trump is quite friendly to Bitcoin.

[Woodie]

He is not looking to kill it, he is trying to impose the DAME tax, DAME means Digital Asset Mining Energy, and the idea is to start with this tax from 10%, then 20% in the next year and 30% on the 3rd year.

From how you have described the tax structure that is about to come, clearly this is one way of killing something, in this case BTC.
Think of it in terms of say imposing tax on imported goods while leaving Locally produced items tax free, this means local goods look favourable to consumers as they will be cheaper to acquire and this is the same theory that will apply to BTC to bring back the Green Buck demand...

So, the plan isn't to ban the mining, but with those huge taxes, no one will want to mine there. Is not a good business. But i don't think congress will let that tax come to live, and if it does, they will stop it before the 3rd year, because other way people will start creating illegal farms.

Guess miners are being shown the exit door...

[retreat]

From the start the Biden administration was not very pro towards Bitcoin mining in their country. It may seem that it is just imposing quite high taxes on this industry, but it is like slowly injecting this industry to death from the country. Maybe this old man thinks that it has no impact on their country's economy and it will only add to the problems in their country, so maybe he quite agrees that imposing high taxes on the Bitcoin mining industry is a good move. What a doll.

[m2017]

He is not looking to kill it, he is trying to impose the DAME tax, DAME means Digital Asset Mining Energy, and the idea is to start with this tax from 10%, then 20% in the next year and 30% on the 3rd year.

And each subsequent year increase the tax rate by 10% until it reaches 100%?

Why are such “privileged” conditions created for mining? For example, the oil production tax is 0.5% (Kentucky) - 12.5% ​​(Alaska). I assume that this is only part of the tax burden, but certainly not a total of 30%. 30% is an extortionate interest rate.
 

So, the plan isn't to ban the mining, but with those huge taxes, no one will want to mine there. Is not a good business. But i don't think congress will let that tax come to live, and if it does, they will stop it before the 3rd year, because other way people will start creating illegal farms.

It looks like the US wants to “kick out” “non-environmentally friendly” mining from the country, but I think the real reason is the excessive greed of the regulator.

Either mining businesses will “flee” from the states, or will become completely illegal.

Tax it to death or ban it still = kill it in the USA no matter what.

Excessively high taxes will “strangle” any business. If a country wants to develop (attract) business in this direction, then they set a 0% tax rate. Look at the United Arab Emirates, where without their tax incentives not a single business would move, because who needs a desert. But now it's like a business mecca.

Sad thing is that it will cost people their jobs, be it miners, traders and exchanges that operate in the USA with either route they take.

These people will receive money through 10\20\30% taxes indirectly in the form of benefits, tax breaks and other things.

Here's the other sad thing, AI is power hungry too, as are all the data centers that we rely on for day to day things, Gov servers (IRS, Defence, police, DMV etc), traffic control systems, banking, the internet and all the servers and routers and network switches and distribution nodes for the cables in the sea and on land that we rely on day to day for the internet to work.

Why single out BTC / crypto with it's electric consumption ?

And I'm of the same opinion. It looks like discrimination, because this is a business like everything else.

[ALLON2017]

Ever since this administration came into power, everything turned to shit, so this does not surprise ,one bit

[spectre71]

Tax is theft and wielded as a weapon.

Biden doesn't give a rats ass about the environment or power use. It has been proven to be good to the environment ad nauseam.

He hates bitcoin and what it represents, part of his overall plan to kill the American economy and middle class.

His Chinese handlers killed it for the same reason and he is caring out their wishes here on many fronts.

Ray Charles can see this one.

[avikz]

He is not looking to kill it, he is trying to impose the DAME tax, DAME means Digital Asset Mining Energy, and the idea is to start with this tax from 10%, then 20% in the next year and 30% on the 3rd year.

So, the plan isn't to ban the mining, but with those huge taxes, no one will want to mine there. Is not a good business. But i don't think congress will let that tax come to live, and if it does, they will stop it before the 3rd year, because other way people will start creating illegal farms.

That's same as killing! I see no difference!

30% tax rate is unreasonable. In my country, government has imposed 30% tax as well. As a result lot of domestic exchanges have gone into loss. A lot of people have resorted to P2P trading to stay outside of government radar.

Such tax rate will effectively destroy the entire US crypto mining industry.

[peter0425]

I really don’t understand how the usa is so against the use of bitcoin or just cryptocurrencies. You’d think a country that is focused with development and capitalism would be on board with using bitcoin. It is literally what they do best, isn’t it? Finance and tech.

So, lets hear your thoughts on this and if your in the USA, which way will you vote in November ?

You said to put the political content to a limit but with this question it’s basically impossible. You know that you can not just vote for one single factor only. I wouldn’t explain much but the question is difficult and almost impossible.

[Mate2237]

Op lolz! You don't want a political argument but that your thread is purely political. American Government wants to imitate another country (China) behavior towards bitcoin. One thing they don't understand in this innovation is that it is because the other country openly said they are not interested in Bitcoin does not mean they're not interested and probably they just want to operate in the anonymity and investing in it from underground. And I don't think the congress will accept his request to ban bitcoin mining.

Op you don't even make small input on the topic and you just want everyone to read the article from the link. Which we don't even know if is not true. Your input was also needed.

[legiteum]

Ever since this administration came into power, everything turned to shit, so this does not surprise ,one bit

Bitcoin is up 500% since Biden was elected.

[KingsDen]

Now, before I get into deep water with any moderators here, this topic is not here to start a fight, so please keep it on topic.

Looking for everyone's thoughts on this, please keep the political content to a minimum.

This story got posted today....

https://cointelegraph.com/news/biden-is-asking-congress-to-kill-the-american-bitcoin-mining-industry

So, lets hear your thoughts on this and if your in the USA, which way will you vote in November ?

From the article;

President Biden is asking Congress to take aim at the American Bitcoin mining industry — and he's citing China as an example for the United States to follow.

To the best of my knowledge, US and China can be said to be economic rivals. US does not do something because China has done so, rather they will tend to do the opposite if possible. I strongly believe US liberty ideology and that is the reason I think bitcoin will continue to have a place in the United States economy.
Well, op you asked we shouldn't be too political here. But I think users of US origin might want to take it more political.

[coolcoinz]

If other states follow their lead, which some have, it's game over for most unless you can find another power source that gets round the ban or move to another state that's crypto friendly.

There are states that are also refusing to give out permits / renew them for mining farms as well.

And there are states like Texas that allow mining, oppose any bitcoin mining bans, openly invite miners to the state and claim that miners help stabilize the grid.

Biden is shooting himself in the knee before election, or rather is being thrown under the bus by someone, probably Warren, because Biden doesn't understand bitcoin and doesn't know if mining is good or bad. He repeats what he's being told by his staff who claim to know the technology and have a clear (negative) stance.

Biden seems to underestimate how many people support bitcoin in the US and doing this will not buy him more votes, but I guess he wants to be in opposition to Trump who said some good things about bitcoin.

Whatever happens, people will do what they always do - move the business elsewhere. Not all states will impose the tax if the bill ever passes (which I doubt it will) and states like Texas or Virginia will continue to support bitcoin.

Looks like the attack on bitcoin to stop the bull market is ongoing.