"Biden proposes budget to tax miners 30% on electricity"

Biden budget proposes 30% tax on crypto mining electricity usage (cointelegraph.com)

Biden administration proposes 30% crypto mining tax, closing wash-trading loopholes (yahoo.com)

U.S. Treasury Department Proposes 30% Excise Tax on Crypto Mining Firms (coindesk.com)

This is laughable. Quote: “The increase in energy consumption attributable to the growth of digital asset mining has negative environmental effects and can have environmental justice implications as well as increase energy prices for those that share an electricity grid with digital asset miners,”

So they want to stop miners from using the grid?

Quote" Crypto miners who acquire their electricity needs off-grid would still be subject to the tax and would be required to estimate the electricity costs generated by any “electricity generating plant.”"

So it’s nothing short of a cash grab clearly. Even if they didnt try to tax off grid miners I would still say it is a cash grab.

Also this Fíng LOL

Quote " * According to the White House, the estimated global electricity usage for crypto assets is between 120 and 240 billion kilowatt-hours per year, a range that exceeds the annual electricity usage of Australia."

This is based on electricity consumption per household being 8.9MW per year and from people I know and from my own experience I would think it is more like 7.3MW per year. Not to mention that at least in my state SA 67% of our electricity per year is generated by solar and wind.

I am not laughing at the US, I am crying with you. Because the clowns in Aus will froth at the mouth thinking about how they can tax us more and push what ever agenda they can.


I feel mixed on this. I agree with you that it’s a cash grab and a joke.

On the other hand, I openly engage in crypto knowing it eats away at the value of fiat in defiance of my own government in my own direct attempts to “stick it to the man”. So oddly, good for them for finally understanding the gravity of the situation. But it’s too late anyways. If I had any faith in their abilities to fix things, I wouldn’t be trying to defund their money. I expect low down losers to try any feeble attempts to fight us. “taxation without representation”. They are taxing to punish and identify. The tax does no logical good for society as none of the revenues it would generate would go to protecting an asset the government has no control over. Then comes the idea of double taxation, I already get taxed for the physical cost or the grid, by state, Federal and Utility company dictated by law.

We’ll reach a pinnacle someday, where governments only recourse will be to admit reality or destroy their own currency if they plan to honestly address Cryptocurrency (notice I said “their currency” because that’s what it is at this point, they literally own 95% of it). For to explain the supply chain of crypto would inevitably draw the real question of Fiat Backing and Printing.


Just a way to steal more from the American people. Trying to kill any incentive to mine. If theres potential or something has the possibility of being lucrative, you can trust big daddy government is going to show up, jump in to take a piece of the pie, or in this case an even bigger piece of the pie. If you couple this with the fact that Biden stated 2 days ago that he wants to double the federal Capital Gains tax from 20% to 40% you have a recipe for disaster. Government needs to look at their budget and cut the fat out, but instead they look to the people their supposed to represent for more money. Smh Thanks for the info man. Its good to be informed.


I also forgot to say I think this could also be because the US is exporting natural gas to Europe now that there is no Nordstream pipeline. That clearly comes at a premium and keeps them making payments in USD, so perhaps they want to ensure there is every last possible kWh available to send if possible in case Europe faces electricity shortages and the US will be there to save them, for an even bigger premium…


If this starts to happen, I’ll bet Crypto farms start to charge a flat rate hosting fee with “free electricity.” Booom!!! One for the little guy. lol :joy: