Biden proposes 30% climate change tax on cryptocurrency mining

The White House is trying to persuade Congress to pass a 30% tax on the electricity used in cryptocurrency mining in the next federal budget in order to minimize the nascent industry’s impact on climate change.

Highlights

• The Biden administration is pushing for a tax on crypto mining.
• The White House wants to minimize the industry’s impact on climate change.
• Critics say the proposal is a way to go after the industry which they do not support.
• The proposed tax would be phased in over three years, starting at 10% next year, then rising to 20% and 30%.
• The tax would generate an estimated $5 billion over 10 years, but critics say it’s just a way of stifling the growth of the industry.
• The U.S.

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