30% tax
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US President Biden’s budget proposes to levy a 30% tax on the power consumption of encrypted mining
On March 10, US President Biden proposed to levy a 30% tax on the cost of mining electricity in cryptocurrency in stages in his government’s fiscal year 2024 budget. A supplementary budget interpretation document issued by the US Treasury on March 9 said that any company using resources (whether owned or leased) would “pay consumption tax equivalent to 30% of the cost of electricity used for mining digital assets”. Interpretation of this information: The recent proposal made by US President Joe Biden to impose a 30% tax on the cost…
