Biden Administration Proposes 30% Tax On Crypto Mining To Counter Environmental Impact

Name	Symbol	Market	Market Cap ($)	Algorithm
Maker	MKRUSD	Crypto	2,536,614,052	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Maker

MKRUSD

Crypto

2,536,614,052

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-151.96	-5.25%	2,743.34	2,742.36	2,743.74

Price Change

Price Change %

Current Price

Bid Price

Offer

-151.96

-5.25%

2,743.34

2,742.36

2,743.74

High Price	Low Price	Open Price	Prev. Close	52 Week Range
2,960.99	2,723.52	2,884.78	2,895.30	980.00 - 4,075.00

High Price

Low Price

Open Price

Prev. Close

52 Week Range

2,960.99

2,723.52

2,884.78

2,895.30

980.00 - 4,075.00

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	20:26:22	0.541883	2,743.34	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

20:26:22

0.541883

2,743.34

USD

Price x Volume	Volume	Base Symbol	Related Pairs
4,611,432.89	1,644.33	MKR	MKREUR	MKRGBP	MKRBTC

Price x Volume

Volume

Base Symbol

Related Pairs

4,611,432.89

1,644.33

Biden Administration Proposes 30% Tax On Crypto Mining To Counter Environmental Impact

03/05/2023 1:25pm

NEWSBTC

Several US authorities have raised concerns regarding the environmental impact of crypto mining. Previously, US lawmakers probed the crypto mining energy use and environmental impact. Biden’s administration is taking these concerns to another level. Biden’s Council of Economic Advisers (CEA) announced a 30% digital asset mining tax to offset its environmental impact. The new tax rule tagged DAME will take effect after a phase-in period. Bitcoin Energy Consumption Attracts New Tax Rules Crypto mining electricity consumption and carbon emission have been a bone of contention in the United States over the past years. A recently published New York Times article claimed Bitcoin has a voracious appetite for electricity, sparking several reactions among crypto community members. Related Reading: Bitcoin Analysis: How To Prepare For Today’s FOMC Meeting The CEA announced plans to impose a 30% tax on all crypto-mining activities. The council believes the crypto mining industry’s operations negatively impact the environment and is ready to counter them. The proposed tax, tagged Digital Asset Mining Energy (DAME), aims to make crypto mining firms take responsibility for their environmental impact. According to the CEA’s announcement, the new tax rules will have a phased-in period before taking its course. Under the new tax guidelines, all mining firms in the US would pay taxes on 30% of their total electricity usage. The CEA feels crypto miners must take responsibility for the environmental pollution they impose on the local community from the increased greenhouse gas emissions. Also, the CEA believes the crypto firms aren’t fully paying the cost of these pollutions, considering their energy consumption rate. The council cited the recently published New York Times (NYT) article, which criticized the digital asset industry for the environmental impact of its mining operations. Crypto Community Reacts To New Bitcoin Mining Tax The proposed DAME tax sparked reactions among members of the crypto community. Many tagged the tax as unfair, criticizing the government for the high tax without incentivizing clean energy usage. Pierre Rochard, Riot Platforms’ VP of Research, who previously criticized the NYT’s article, condemned the DAME tax. Related Reading: Top 5 Cryptos To Watch This Week Amid US Banking Crisis According to Rochards, the White House targets Bitcoin at the wrong time. To Rochard, the US government should instead focus on the failing banking system. Featured Image/Pexels, chart/ TradingView

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