Reported 7 months ago
The Biden administration's reintroduced proposal for a 30% tax on cryptocurrency miners has stirred controversy within the industry. The plan is part of the budget proposal for fiscal year 2025 and aims to address environmental concerns and regulate the digital asset mining industry. Critics argue that the tax would be detrimental, financially burdening mining companies, potentially leading to shutdowns or relocations, and stifling innovation and competition. The move could also impact the country's position in the global bitcoin mining race, discouraging investment and talent. However, proponents claim it's necessary for environmental reasons, despite overlooking efforts by miners to use renewable energy sources and reduce carbon footprints.
Source: YAHOO