White House advisors renew push for 30% digital mining energy tax
The May 2 blog post by the White House’s Council of Economic Advisers (CEA) has already attracted strong criticism from the community. The Biden administration has renewed its push for a 30% Digital Asset Mining Energy (DAME) tax on cryptocurrency miners, part of efforts to minimize the industry’s alleged impact on climate change. The proposed crypto-mining tax was first announced on March 9 as part of President Biden's FY2024 budget and seeks to impose a phased-in 30% excise tax on electricity used by crypto-miners. Today the CEA released a blog highlighting a new tax in the President’s budget, the Digital Asset Mining Excise Tax (“DAME Tax”), a tax equal to 30 percent of the cost of the electricity cryptominers use once fully phased in. 1/ https://t.co/944x0wVVB5 — Council of Economic Advisers (@WhiteHouseCEA) May 2, 2023 “An excise tax on electricity usage by digital asset miners could reduce mining activity along with its associated environmental impacts and other harms,”...