The US President has again proposed to introduce a 30% tax on mining
Joe Biden revived the idea of introducing a 30% electricity tax for mining companies. Such a clause appeared in the draft budget of the United States for 2025
The administration of the current US President Joe Biden has again started talking about taxes for miners. The capacity for mining digital assets is too energy—intensive, and the American authorities are worried about the environment.
The US government is convinced that the growing demand for electricity in the crypto industry has a negative impact on the environment. Therefore, the presidential administration is proposing a new taxation scheme for companies that mine cryptocurrencies.
"An excise tax on electricity used by miners of digital assets can reduce mining activity, as well as the associated environmental impact and other harmful factors," the proposal says.
According to the initiative, miners will have to report to the authorities on the amount and cost of electricity they consume. Firms renting mining facilities will be obliged to report the cost of electricity used to the lessor company.
The innovation will also affect those miners who generate their own electricity.
It is expected that the tax will be introduced gradually over three years. On January 1, 2025, the rate will be 10% and will increase until it reaches 30%.