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City AM
City AM
By Darren Parkin US President Joe Biden has unveiled plans for a proposed massive tax levy on electricity used by cryptocurrency miners. The proposal, which would see crypto mining operations face a 30 per cent tax on energy, could be implemented by next year if it is approved by the US government. The Digital Asset Mining Energy (DAME) excise, according to a White House document, has been designed to tackle “negative spill-overs on the environment” and ensure mining operations pay for the “full cost they impose on others”. It comes only weeks after a heavily-criticised New York Times article …