The Morning After: White House proposes a 30 percent tax on electricity used for crypto mining
If passed, the tax will be phased in over three years.
The Biden administration wants to impose a 30 percent tax, called the Digital Asset Mining Energy or DAME excise tax, on the electricity used for cryptocurrency mining. It explained it wants to tax crypto-mining companies because they aren't paying for the "full cost they impose on others," including environmental pollution and high energy prices.
Does mining crypto-currency use that much power? Yes. In April, The New York Times published a report detailing the energy used by the 34 large-scale Bitcoin miners in the US. Just those 34 operations together use the same amount of electricity as three million households. If the proposal becomes law, the government will impose the excise tax in phases. It would start by adding a 10 percent tax on miners' electricity use in the first year, 20 percent in the second, and 30 percent from the third year onwards.
– Mat Smith
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