Biden is asking Congress to kill the American Bitcoin mining industry

[Adbitco]

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.

Don't you think people who are mining bitcoin don't mind relocate to the country that is more favorable because I believe this isn't the sole purpose because for him to keep increase tax every single year shows that it's indirect killing therefore when it's much on people those who don't find it favorable don't quitting, and if he sees that people still instigating then he would have to turn the other way round just to make sure he entirely eliminate it.

[SickDayIn]

The DAME tax has been proposed by the Biden administration, to quote, "make miners pay their fair share of the costs imposed on local communities and the environment.”

Given this statement, at the surface level it seems the tax is driven by the energy consumption of proof-of-work mining, primarily Bitcoin. From the US governments perspective, they may be concerned about the power consumption on their energy grid being used for activities that see as non-productive, i.e. mining cryptocurrency.

However, if they only concerned with energy consumption, they could have defined new policy and restrictions on how much energy consumption can be used for mining. Instead they propose a tax, which will definitely make mining less profitable, and dampen the progression of the industry. I also wonder, if the Bitcoin mining industry was decimated in the US, how would that impact fees for Bitcoin transactions?

The reality is, the U.S. Government like many government agencies worldwide see cryptocurrency, particular Bitcoin, as a threat to their economic system. They won't outright ban Bitcoin, as they still see it as an effective way to raise revenue (e.g. asset seizures and sale of Bitcoin by CIA, FBI, etc).

To answer your question though, how will this effect the upcoming election? Very little.

Whilst the US accounts for 37.8% of Bitcoin mining, the overall number of Bitcoin miners in terms of vote count against the entire US population is almost nil. One thing to note is that the DAME tax is still only in a proposal state, if it was proven to pass than I believe more investors and traders of Bitcoin would be concerned as the shrinkage of the Bitcoin mining industry in the US would definitely have an impact on price, demand, and adoption.

[ultrloa]

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.

Don't you think people who are mining bitcoin don't mind relocate to the country that is more favorable because I believe this isn't the sole purpose because for him to keep increase tax every single year shows that it's indirect killing therefore when it's much on people those who don't find it favorable don't quitting, and if he sees that people still instigating then he would have to turn the other way round just to make sure he entirely eliminate it.

Its like he say take it or leave it since you don't have a choice since I am the one who have authority to implement something that I like to happen. That's why I think maybe its good for miners to leave on a country that doesn't give any favorable chance to do a legal business. There should be a country that best accept this operation and for sure for migrating they can escape those heavy regulations made by those abusive government.

What they do is somehow power tripping since they really want to eliminate some industry that they maybe don't understand or hard to control that's why this people throw up something bad implementation and leave those people doing good business no choice but to swallow what they want even if this is against on their will.

[JayJuanGee]

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.

Don't you think people who are mining bitcoin don't mind relocate to the country that is more favorable because I believe this isn't the sole purpose because for him to keep increase tax every single year shows that it's indirect killing therefore when it's much on people those who don't find it favorable don't quitting, and if he sees that people still instigating then he would have to turn the other way round just to make sure he entirely eliminate it.

Its like he say it take it or leave it since you don't have a choice since I am the one who have authority to implement something that I like to happen. That's why I think maybe its good for miners to leave on a country that doesn't give any favorable chance to do a legal business. There should be a country that best accept this operation and for sure for migrating they can escape those heavy regulations made by those abusive government.

What they do is somehow power tripping since they really want to eliminate some industry that they maybe don't understand or hard to control that's why this people throw up something bad implementation and leave those people doing good business no choice but to swallow what they want even if this is against on their will.

I am not going to claim to be any kind of a hard politics expert, but sometimes the legislation and/or policy proposals can be considered as a kind of negotiations position, and yeah, many of us know that the US Govt has tendencies to act like bullies, and that posturing has probably gotten worse and worse and worse over the years, including that it is a kind of way to project power, but at the same time some of the power projection attempts are not able to be successful in terms of either being put into an actual policy or even having abilities to enforce - while we also know that divide and conquer kinds of enforcement is not an uncommon practice. 

[usekevin]

I am not going to claim to be any kind of a hard politics expert, but sometimes the legislation and/or policy proposals can be considered as a kind of negotiations position, and yeah, many of us know that the US Govt has tendencies to act like bullies, and that posturing has probably gotten worse and worse and worse over the years,

Actually the China government had done in a past and stop their mining company in their country.The reason behind the China’s move was to reduce their population to get away from the crypto involvement in the form of cryptocurrency trading ban and the mining of bitcoin was banned.The current price was bear due to this news,I am confused now.If the bear market because of this news,we can’t expect the huge price drop from the 60k mark to 50k mark in the shortest period of time.The United States had influencing the bitcoin price market most of the time.

including that it is a kind of way to project power, but at the same time some of the power projection attempts are not able to be successful in terms of either being put into an actual policy or even having abilities to enforce - while we also know that divide and conquer kinds of enforcement is not an uncommon practice.  

The power consumption for the mining will be huge,but the fact is not because of power consumption the government of United States.The government uses the holding power minimum for the transactions.Because the economy of the government was mostly dependent on the bitcoin for now in many countries indirectly.The US government want to capitalise their people money from bitcoin mining to the other sources was the reason for this move by the US government.

[ultrloa]

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.

Don't you think people who are mining bitcoin don't mind relocate to the country that is more favorable because I believe this isn't the sole purpose because for him to keep increase tax every single year shows that it's indirect killing therefore when it's much on people those who don't find it favorable don't quitting, and if he sees that people still instigating then he would have to turn the other way round just to make sure he entirely eliminate it.

Its like he say it take it or leave it since you don't have a choice since I am the one who have authority to implement something that I like to happen. That's why I think maybe its good for miners to leave on a country that doesn't give any favorable chance to do a legal business. There should be a country that best accept this operation and for sure for migrating they can escape those heavy regulations made by those abusive government.

What they do is somehow power tripping since they really want to eliminate some industry that they maybe don't understand or hard to control that's why this people throw up something bad implementation and leave those people doing good business no choice but to swallow what they want even if this is against on their will.

I am not going to claim to be any kind of a hard politics expert, but sometimes the legislation and/or policy proposals can be considered as a kind of negotiations position, and yeah, many of us know that the US Govt has tendencies to act like bullies, and that posturing has probably gotten worse and worse and worse over the years, including that it is a kind of way to project power, but at the same time some of the power projection attempts are not able to be successful in terms of either being put into an actual policy or even having abilities to enforce - while we also know that divide and conquer kinds of enforcement is not an uncommon practice. 

Yeah hard to say some word about them since maybe we will get in trouble for expressing ourselves towards them but obviously we can really see how they take action on some industry they want to control and they usually make those people think that they don't have the choice to follow their orders since they are more powerful than those normal businessman who operates in their country. That's why sometimes it always came up on my mind that its better for those businesses which have been put on heavy pressure by US government to leave that country since there are lots of countries can accommodate them and they are free to run their business without worrying that they might get hit again by bully government officials. People are just afraid but they need to step up on this since they will not get good justice if this people will be silent on what their government act towards those industries that they want to manipulate. But I know this is hard since they are so powerful and they can easily eliminated if government will drop unfavorable judgement or decisions towards them.

[NotATether]

The DAME tax has been proposed by the Biden administration, to quote, "make miners pay their fair share of the costs imposed on local communities and the environment.”

Given this statement, at the surface level it seems the tax is driven by the energy consumption of proof-of-work mining, primarily Bitcoin. From the US governments perspective, they may be concerned about the power consumption on their energy grid being used for activities that see as non-productive, i.e. mining cryptocurrency.

However, if they only concerned with energy consumption, they could have defined new policy and restrictions on how much energy consumption can be used for mining. Instead they propose a tax, which will definitely make mining less profitable, and dampen the progression of the industry. I also wonder, if the Bitcoin mining industry was decimated in the US, how would that impact fees for Bitcoin transactions?

The reality is, the U.S. Government like many government agencies worldwide see cryptocurrency, particular Bitcoin, as a threat to their economic system. They won't outright ban Bitcoin, as they still see it as an effective way to raise revenue (e.g. asset seizures and sale of Bitcoin by CIA, FBI, etc).

If they were actually concerned about taxes and energy consumption, they would've made Big Oil pay up a fairer percentage in taxes a long time ago. But they are not actually interested in doing either of those. Read between the lines - these people want to completely centralize Bitcoin mining so that one day some of these pools can be bought up or acquired by energy companies and become conglomerates.

Meanwhile they have useful idiots like Greenpeace to repeat their nonsense like this: https://twitter.com/greenpeaceusa/status/1784976054677090450

[Crypt0Gore]

Many lives depend on Bitcoin mining, and asking for 30% is like stabbing them to death, miners always decide to keep mining even when Bitcoin is not profitable, they believe in its future value so they have no choice but to hold, now with this tax thing I doubt they will have an easy way out.

Biden is just a Bitcoin hater, nothing more or less, I hope someone better switches his place shortly and that the new president will have mercy on Bitcoin miners, the united states always has a bigger role in Bitcoin and its adoption, they are the number one followed by China, it is so unfair to charge them for tax this high, so inhuman.

If they are worried about the bad Bitcoin miners who use illegal ways to mine Bitcoin they can get them arrested just like what China did, as far as Bitcoin miners are paying for electricity it should all be fine, this is why I believe that it is more than just the electricity, they want miners to quit.

I thank God that I am not in the United States, I have always wished to visit or live there but as a Bitcoin miner myself I can't do it, the hate is way too much.