President Biden proposes 30% tax on bitcoin mining in federal budget proposal

President Biden’s 2024 federal budget proposal has drawn criticism from the mining industry for including a provision to tax up to 30% of the electricity costs incurred by miners of bitcoin and other cryptocurrencies.  The White House has stated that the tax is aimed at curbing environmental and economic concerns, as the energy consumption required to mine cryptocurrencies such as bitcoin is significant. 30% tax on Bitcoin mining: Biden’s proposal for the 2024 federal budget The proposed tax would mainly affect bitcoin miners, as other major cryptocurrency networks use Proof-of-Stake (PoS) rather than Proof-of-Work (PoW) consensus algorithms.  PoW algorithms require