Biden Wants to Hit Power-Hungry Crypto Miners With a Big Tax Bill

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Biden Wants to Hit Power-Hungry Crypto Miners With a Big Tax Bill
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Crypto miners have become a drain on global resources and may soon see a 30% energy tax hike in the newly proposed DAME tax bill.

“Currently, cryptomining 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,” the White House said on its site.

Crypto mining’s impact on the global climate is rising, according to Benjamin A. Jones, an economics associate professor at the University of New Mexico. Jones told thelate last year that “the mining, or production, of Bitcoin is using tremendous amounts of electricity, mostly from fossil fuels, such as coal and natural gas. This is causing huge amounts of air pollution and carbon emissions, which is negatively impacting our global climate and our health.

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