White House Pushes for Punitive Tax on Crypto Mining

U.S. President Joe Biden is looking to impose a punitive tax on crypto mining operations for the “harms they impose on society,” the White House’s Council of Economic Advisers (CEA) argued Tuesday in an online post. The administration’s blog entry made the case for a U.S. tax equal to 30% of a mining firm’s energy costs – an unusual industry-specific penalty that could threaten the profits of such businesses. “Currently, cryptomining firms do not have to pay for the full cost they impose on ot