US Debt Ceiling Deal Saves Bitcoin Mining from 30% Tax

A plan by the White House to impose a 10-30% tax on Bitcoin and other cryptocurrency mining appears to be dead following a larger deal between President Biden and senior Republicans to prevent the US from defaulting on its debt. The Digital Assets Mining Energy excise act (DAME Act) was proposed in May, but Republican Congressman Warren Davidson of Ohio has confirmed that the mining tax will not take effect. Cryptocurrency mining has become a prominent target of environmentalists and Democratic policy makers in recent years, who claim that it needlessly burns vast amounts of energy while providing few benefits.