32.8 C
Sunday, May 26, 2024
HomeBitcoin MiningBiden Wants to Tax Crypto Mining Companies at 30%

Biden Wants to Tax Crypto Mining Companies at 30%


Related stories

Biden and his fellow group of nation haters are once again setting their sights on cryptocurrency. Biden is asking Congress to pass a new 30 percent tax on all crypto mining operations.

Biden is Again Attacking Crypto

The goal is to allegedly prevent climate change and stop the crypto mining arena from having a drastic impact on the environment. There have been many reports published over the past several years suggesting crypto mining is putting Mother Earth on a terrible path that will be irreversible once it reaches a certain point.

Biden’s Council of Economic Advisers (CEA) said in a recent blog:

Crypto miners’ high-energy consumption has negative spillovers on the environment, quality of life, and electricity grids where these firms locate across the country.

They tout the move as a means of fighting the ongoing energy crisis in America and to stop the atmosphere from allegedly suffering more than it already has. The blog continued with:

Currently, crypto mining firms do not have to pay for the full cost they impose on others in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate. The DAME tax encourages firms to start taking better account of the harms they impose on society.

While Biden and his team say this will save the planet, given his past actions against crypto and those who use digital assets, one can’t help but assume this is just another attempt to bring the industry down for good. Thus far, Biden has implemented verbiage into infrastructure bills specifically targeting crypto users.

Also, he has sought to implement old Obama-era financial policy that would prevent crypto businesses from gaining access to traditional banking services and products. These – among many other things – suggest Biden has never been a fan of crypto traders, and he’s doing all he can to ensure they don’t have a future in his America.

Now that he wants to tax crypto mining businesses at 30 percent – a whopping number – his anti-crypto agenda is taking stronger form.

Not Everyone Likes the Idea

There are several critics of the proposal that say the mining industry is being unfairly targeted by Biden. Tom Mapes – director of energy policy at the Chamber of Digital Commerce – said in an interview:

This puts a clear line in the sand that they do not like the industry. They are looking for ways to hamstring it. This is just a way to go after the industry which they do not support… It seems like there’s an outsized focus on us… Millions of people are using this to transact around the world. It’s an opportunity for the unbanked or underbanked to bank, and it’s a way to send money across borders without having to pay a middleman.

Nick Marinoff
Nick Marinoffhttps://www.livebitcoinnews.com/
Nick Marinoff is currently a lead news writer and editor for Money & Tech, a San Francisco-based broadcasting station that reports on all things digital currency-related. He has also written for a number of other online and print publications including Black Impact Magazine, EKT Interactive, Seal Beach USA and Benzinga.com, to name a few. He has recently published his first e-book "Take a 'Loan' Off Your Shoulders: 14 Simple Tricks for Graduating Debt Free" now available on Amazon. He is excited about the potential digital currency offers, particularly its ability to finance unbanked populations and bring nations together financially.


Latest stories