White House proposes tax that could force Bitcoin miners to leave US and support adversaries

05/11 18:10

The White House is taking aim at the domestic crypto industry by deploying financial regulators and enlisting the banking sector. They are also seeking to impose a de facto ban on mining in the US through the Digital Asset Mining Energy (DAME) excise tax, which would increase electricity costs for miners by 30%. However, this tax sets a dangerous precedent as it unfairly targets an industry that legitimately purchases electricity. Furthermore, the tax would not achieve its intended goals and would actually increase emissions associated with Bitcoin mining.

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