Biden administration reiterates desire for 30% tax on Bitcoin miners' electricity usage
in 2021, the U.S. has become a global center for the activity. The tax proposal aims to reverse that growth, stating that it intends to “reduce mining activity” in America.
Biden's proposals may struggle to make it into law. Presidential budget requests in the current political era are never fully accepted by Congress and instead reflect the priorities of the administration. Some policies could become law through a more piecemeal legislative approach.
“Cryptominers’ intensive and often volatile power consumption also can push up electricity prices for consumers and can increase risks for local electrical grids — straining equipment, causing service interruptions and safety hazards.”
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