White House Issues Report Justifying 30% Crypto Mining Tax

In a report released by the White House on Tuesday, the administration maintained its position that squeezing miners' profits is in the best interest of American communities and the environment. The research focused on a proposed 30% excise tax on cryptocurrency mining companies.



“Firms do not have to pay for the full cost they impose on others,” the report states, adding that the proposed tax “encourages firms to start taking better account of the harms they impose on society.”



Related:Freedom to Bitcoin mining: Arkansas Senate and House approved a bill to protect miners



Digital asset miners would be subject to the proposed excise tax starting in 2024, and any such company would be required to pay a tax based on their associated electricity expenses, starting at 10% and increasing each year until it reaches 30%.



The ta


Read more about White House Issues Report Justifying 30% Crypto Mining Tax


#Bitcoin, #BitcoinMining, #Cryptonewstoday, #Regulations