### President Joe Biden's proposed plan to address economic and environmental concerns includes a tax of up to thirty percent on mining cryptocurrencies. The tax is focused on preventing climate change and is projected to generate approximately $3.5 billion over the next decade.

However, the tax would have a disproportionately negative impact on Bitcoin as it is the only major crypto network that uses proof-of-work (PoW) as its underlying mechanism for achieving consensus. This is because Bitcoin mining requires a significant amount of energy, which makes it more expensive than other cryptocurrencies that use different consensus mechanisms.



Critics argue that the proposed tax is another example of the US government stifling innovation in the crypto sector. The Digital Asset Mining Energy excise tax has been dubbed another tax increase disguised as a solution to environmental problems.



While it is true that mining uses energy, it is not the state's place to tell private companies how to run or judge what is a good or bad way to put that energy to use. This proposed tax on crypto mining could set a dangerous precedent for the government's involvement in the private sector.



The proposed tax on crypto mining would have a disproportionate impact on Bitcoin, which could stifle innovation in the crypto sector. While climate change is a pressing issue, the government's involvement in the private sector should be carefully considered.

President Joe Biden's proposed plan to address economic and environmental concerns includes a tax of up to thirty percent on mining cryptocurrencies. The tax is focused on preventing climate change and is projected to generate approximately $3.5 billion over the next decade.

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Tue May 23 2023 Biden Administration Targets Bitcoin Miners With Proposed 30% Energy Tax

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Tue May 23 2023

Biden Administration Targets Bitcoin Miners With Proposed 30% Energy Tax