Coinspeaker
Biden Administration Seeks to Impose 30% Tax on Crypto Mining
In a major move, the Biden administration is looking to impose a major tax on the crypto mining activities taking place in the United States. On Tuesday, May 2nd, the White House Council of Economic Activities (CEA) argued over the harms that crypto mining operations pose to society.
After the ban by China on crypto mining activities in 2021, the US witnessed a strong influx of crypto miners settling into crypto-friendly jurisdictions such as Texas and others. Now, the US is one of the top destinations contributing a large share of the global crypto mining activity.
The CEA made the case for a US tax equal to 30% of the energy costs incurred by a mining firm. This comes as an unusual industry-specific penalty that could threaten the profits of such businesses. The CEA lays out the case for the Digital Asset Mining Energy (DAME) excise tax. In the blog post appearing on the White House website on Tuesday, the CEA
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