Biden Administration Proposes 30% Tax On Energy Used By Bitcoin Miners
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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
Canaan partners with a Japanese utility for the first state-linked Bitcoin mining project using grid-stabilizing hydro-cooled rigs. Canaan has signed a new deal to provide Bitcoin mining equipment to a major Japanese utility. The agreement marks Japan’s first known government-linked Bitcoin mining initiative and aligns the country with others…
Authorities in Kazakhstan are discussing new laws for the nation’s crypto space that will result in a critical improve within the tax burden on the mining business. Among the proposed adjustments is... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]…
There were significant developments in the crypto mining sector throughout May. From the US to Russia, strategic moves and new hardware launches of major players were among the notable headlines in the sector. Riot Platforms Launches First Major BTC Sale of the Year US-based crypto mining company Riot Platforms announced…