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Revival of 30% Energy Tax on Digital Mining – White House Advisors’ Decision

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Gherardo Fiorenzo
Gherardo Fiorenzo is an Italian author with a unique perspective shaped by his experiences in Italy and the US. His thought-provoking articles, short stories, and reviews explore the intersections of language, identity, and culture.

To mitigate the alleged negative effects of Cryptocurrency mining business on the environmentthe Joe Biden administration revived it support for charge 30% digital asset Mining Energy Tax (DAME) on Cryptocurrency miners.

the announcement He was made for the first time on March 9 as part of President Joe Biden’s proposal budget for Finance year 2024. Cryptocurrency Mining Tax Proposes to Implement-in 30% excise tax on the power consumed by cryptocurrency miners.

blog postpublished on May 2 by the Council of Economic Advisers (CEA) of The White House, has received great criticism from community members.

Blog Says Crypto Mining Has “Negative Indirect Effects” on The environment, quality of life and electricity networks. According to the research Results, low-income areas and communities of The color bears disproportionately amount of Side effects of pollution caused from production of powerany also contributes to an increase in the cost of electricity for Client.

He. She also He argues that cryptocurrency mining uses existing clean data power (eg hydropower) may have a detrimental effect effect on the environment By encouraging other energy users to switch to “dirty” sources of electricity. This is due to an increase demand for Electricity drives up the price of all forms of electricity.

Guards: Taxes can fix this

According to the department of Treasury is a selective tax on electricity use by digital asset Miners can reduce mining activity all along with Associated environmental impacts and other damages, opinion statement bitcoin It fell below $20,000 after just one day.

Later, a statement from the council of Economic Advisers (CEA) of White House also Pay plan back In the spotlight to explain need for the new tax.

According to the CEA, cryptocurrency mining companies are not required to meet the needs cost they impose on others. this price shows up like more pollution in instantly areaf higher Energy bills and their implications of Increased greenhouse gas emissions on the global climate.

The Twitter thread released by CEA drawn Big criticism from community. Some called it misinformation and propaganda, while another Twitter user stated that such a tax would “simply pay.” bitcoin Mining for Russia and others countries. “

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