Biden proposes 30 percent tax on cryptominers' power bills
The Biden Administration on Tuesday detailed a proposed tax designed to counter the environmental and economic effects of cryptocurrency mining.– DAME for short – would require firms to pay a tax equal to 30 percent of the electricity bill consumed by computers used to make digi-dollars after a phase-in period that begins at the start of 2024.
In 2024, firms engaged in digital asset mining would pay 10 percent of their bill in tax, before the rate rises to 20 percent in 2025 and hits 30 percent in 2026."Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate.
According to the administration, the amount of electricity used for cryptomining in the US in 2022 was close to that required for residential lighting of the entire nation.investigation found that the most power intensive Bitcoin mining operation in America, Riot Platforms' mine in Rockdale, Texas, uses around the same amount of electricity as the nearest 300,000 homes combined.
Around a mile away from Riot Platforms' Rockdale mine, a Bitdeer mine was reportedly paid $175,000 an hour to turn off its cryptomining computers during a February 2021
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