Biden calls for a 30% tax on crypto mining – Should you be concerned?

Bitcoin Warrior 2024-03-15

U.S. President Joe Biden put forward a variety of crypto related taxes and regulations which he says could generate almost $10 billion next year, and over $42 billion over the next decade, according to his proposed 2025 budget released Monday. Among the proposals are an excise tax on Bitcoin mining.

Any firm using computing resources to mine digital assets would be subject to an excise tax equal to 30% of the costs of electricity used, the proposal states.