Biden Administration Proposes 30% Tax On Energy Used By Bitcoin Miners

The Digital Asset Mining Energy excise tax would harm businesses and push innovation out of the United States. The President’s new budget proposal for Fiscal Year 2024 includes the Digital Asset Mining Energy (DAME) excise tax, which would require bitcoin mining firms to pay 30% of the cost of electricity used for mining crypto assets. This tax aims to address what the White House claims are the economic and environmental costs of mining, citing local pollution, increased greenhouse gas emissions and higher energy prices. Unfortunately, the proposal does not take into account the large mix of renewable energy sources being