US Government Proposes Heavy Taxes on Power-Hungry Crypto Miners

The Biden administration has proposed a 30 percent tax on the electricity used for cryptocurrency mining, called the Digital Asset Mining Energy or DAME excise tax. The tax aims to make crypto-mining companies pay for the "full cost they impose on others," including environmental pollution and high energy prices. The energy used by the 34 large-scale Bitcoin miners in the US is equivalent to that used by three million households. The excise tax will be imposed in phases, starting with 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.