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The Biden administration is reportedly considering a unique tax on cryptocurrency mining companies. The proposed Digital Asset Mining Energy tax, equal to 30% of a mining company's energy expenses, aims to hold these businesses accountable for societal costs, such as environmental pollution, increased energy prices, and climate change resulting from greenhouse gas emissions. A post by the White House's Council of Economic Advisers (CEA) stated that crypto mining fails to deliver comparable local and national economic benefits, unlike other high-energy-consuming industries. The tax was first proposed in a March 9 document published by the U.S. Treasury Department, though many such proposals do not survive the congressional budgeting process.
If implemented, this tax could generate up to $3.5 billion in revenue over the next decade. Major U.S. mining companies that could be affected include Riot Platforms, BitDeer, Marathon Digital, CleanSpark, Cipher Mining, and Greenidge Generation.
The CEA raised broader concerns about the crypto-mining industry in a March report, such as pollution and potential economic impacts on local communities. Even clean energy-using mining companies may contribute to increased energy prices and consumption within their communities.
However, the tax proposal may face opposition in Congress, particularly from Republican lawmakers who have resisted efforts to penalize the crypto industry. With the House of Representatives currently under Republican control, the proposed tax's future remains uncertain.
Several Bitcoin mining companies in states like Pennsylvania are striving to create eco-friendlier operations by using nuclear power and repurposing coal from abandoned mines. These efforts aim to reduce environmental hazards and make cryptocurrency mining more sustainable, addressing concerns about the industry's impact on energy consumption and pollution.
Meanwhile, other tokens, such as Dogecoin, Ripple, and Cardano, have been showcasing their greener ways to mine compared to the carbon-heavy methods of Bitcoin and Ethereum.
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