Bitcoin Miners Dodged a New Tax. Next Time They May Not Be So Lucky.

Congress' draft debt-ceiling bill doesn't include a heavy crypto tax that the White House had proposed.

• 2023-05-31
• Bitcoin miners White House debt ceiling excise tax Digital Asset Mining Energy

U.S. congressman says crypto mining tax scrapped in debt ceiling deal

A proposed tax on electricity used by cryptocurrency miners in the U.S. has been scrapped in the deal to raise the country’s debt ceiling, according to Republican congressman Warren Davidson.

• 2023-05-30
• debt ceiling Joe Biden Bitcoin mining cryptocurrency miners U.S. Treasury Department Warren Davidson excise tax proposed tax crypto miners Biden administration

US Debt Ceiling Deal Blocks 30% Bitcoin Mining Tax: Congressman

The proposed Digital Asset Mining Energy tax has reportedly been taken off the table, according to U.S. Congressman Warren Davidson.

• 2023-05-29
• Joe Biden Bitcoin mining debt ceiling cryptocurrency mining Satoshi Action Fund Energy tax Biden administration excise tax Kevin McCarthy

Biden's 30% Tax on Bitcoin Miners 'Isn't Going to Happen,' Says Cynthia Lummis

Crypto legislation has been hard to work on due to "fear that Bitcoin and cryptocurrencies are being used for criminal activities,” Lummis said.

• 2023-05-20
• Cynthia Lummis Bitcoin miners Perianne Boring Joe Biden excise tax Bitcoin 2023 conference Wyoming Senator

White House Issues Report Justifying 30% Crypto Mining Tax, Cites Lack of ‘Economic Benefits’

The White House first floated the idea of an energy tax in March.

• 2023-05-04
• White House Bitcoin mining excise tax digital asset

White House proposes 30 percent tax on electricity used for crypto mining

The Biden administration wants to impose a 30 percent tax on the electricity used by cryptocurrency mining operations, and it has included the proposal in its budget for the fiscal year of 2024.

• 2023-05-03
• electricity prices White House power consumption Bitcoin miners excise tax cryptocurrency mining electricity Digital Asset Mining Energy

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

• 2023-05-03
• Joe Biden excise tax administration U.S. Treasury Department energy costs mining operations

U.S. Treasury Department Proposes 30% Excise Tax on Crypto Mining Firms

A provision in the department’s “Greenbook,” its list of tax proposals and explanations for U.S. President Joe Biden’s budget proposal, would create a phased-in excise tax based on the costs of the electricity used in crypto mining, imposed on the companies “using computing resources” to mine cryptocurrencies.

• 2023-03-10
• U.S. Treasury Department budget proposal digital asset excise tax Biden tax rules proposal crypto mining