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The Biden's 30% Tax on Mining Crypto

President Joe Biden Proposes 30% Excise Tax on Crypto Mining Electricity

The game plan has started: the United States is using the tool it uses to realign allocation of capital in markets to shape the crypto world; that tool is tax. Yes, go to the head of the crypto supply chain - i.e. mining - and right there influence the crypto universe:

“The administration of U.S. President Joe Biden has proposed an excise tax on cryptocurrency miners equal to 30 percent of the cost of the electricity they use, and plans to eliminate tax deductible losses related to wash-trading of crypto tokens, according to a U.S. Department of the Treasury’s document published Thursday."

Game on...

 

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