Tag: Mining

Biden Administration Proposes 30% Tax on Power Used for Cryptocurrency Mining

boss

The Biden administration has proposed a 30% tax on the electricity used for cryptocurrency mining. This move is aimed at reducing the negative environmental and economic impact of the industry. The energy requirements for cryptocurrency mining are substantial and contribute to increased greenhouse gas emissions, elevated energy prices, detrimental effects on the environment, quality of life, and electricity grids. The proposed excise tax, Digital Asset Mining Energy (DAME), would ensure that mining firms pay the total cost they impose on others. However, some experts have raised concerns that such a…

White House Pushes DAME Tax Proposal to Address Alleged Environmental Costs of Crypto Mining – Mining Bitcoin News

boss

On May 2, 2023, the Biden administration unveiled a blog post outlining the Digital Asset Mining Energy (DAME) tax, featured in the president’s comprehensive 182-page budget proposal for the fiscal year 2024. The DAME tax targets “making crypto miners pay for the costs they impose on others” regarding the environmental impact of crypto mining activities. Crypto Miners Could Face Gradually Increasing Tax With Biden’s DAME Proposal With the White House’s Council of Economic Advisors expressing alarm over the so-called climate crisis, Biden’s administration argues that crypto asset mining’s energy consumption…

RFK Jr. Raises Crypto Mining Tax, Regulations as Issues in Opening Days of 2024 U.S. Presidential Race

CryptoX – Cryptocurrency Analysis and News Portal Kennedy, an environmental lawyer who is the nephew of former President John F. Kennedy and son of former U.S. attorney general and senator, Robert F. Kennedy, has raised several points about the digital assets industry in the early days of a 2024 presidential contest that hasn’t yet begun in earnest. Source The post RFK Jr. Raises Crypto Mining Tax, Regulations as Issues in Opening Days of 2024 U.S. Presidential Race appeared first on CryptoX. CryptoX Portal

Biden Administration Seeks to Impose 30% Tax on Crypto Mining

The White House Council of Economic Activities (CEA) is looking to penalize the crypto mining sector stating that the high energy consumption by crypto miners have spillover effects on the environment and quality of life. In a major move, the Biden administration is looking to impose a major tax on the crypto mining activities taking place in the United States. On Tuesday, May 2nd, the White House Council of Economic Activities (CEA) argued over the harms that crypto mining operations pose to society. After the ban by China on crypto mining…

Bhutan’s DHI and Bitdeer to raise $500M to develop sustainable mining operations

boss

Nasdaq-listed mining company Bitdeer Technologies Group and Bhutan’s sovereign investment arm Druk Holding and Investments (DHI) have teamed up to create eco-friendly and carbon-free digital asset mining operations in the Kingdom of Bhutan.  In an announcement sent to Cointelegraph, Bitdeer and DHI said they would launch the partnership by creating a closed-end fund with an approximate value of $500 million. The firms aim to start their fundraising efforts at the end of May to attract investments from around the world. Bitdeer chairman Jihan Wu expressed enthusiasm about collaborating with DHI.…

White House advisors renew push for 30% digital mining energy tax

boss

The Biden administration has renewed its push for a 30% Digital Asset Mining Energy (DAME) tax on cryptocurrency miners, part of efforts to minimize the industry’s alleged impact on climate change.  The proposed crypto-mining tax was first announced on March 9 as part of President Biden’s FY2024 budget and seeks to impose a phased-in 30% excise tax on electricity used by crypto-miners. Today the CEA released a blog highlighting a new tax in the President’s budget, the Digital Asset Mining Excise Tax (“DAME Tax”), a tax equal to 30 percent…

Bitcoin Hashrate Reaches All-Time High of 491 EH/s, Close to Half a Zettahash, as Network Preps for Next Difficulty Change – Mining Bitcoin News

boss

While the next difficulty change for Bitcoin is just two days away, the network’s hashrate soared to unprecedented heights, reaching 491.15 exahash per second (EH/s) on May 02, 2023, at block height 787,895. This staggering amount of computational power came tantalizingly close to a half zettahash or five hundred quintillion hashes per second. Bitcoin’s Hashrate Surges to Unprecedented Heights, Nearly Reaching Half a Zettahash On the second day of May 2023, Bitcoin’s hashrate achieved a remarkable feat, tapping into a new record at block height 787,895. In a stunning display…

Mawson Infrastructure Group Expands to New Bitcoin Mining Site in Ohio, Plans to Boost Hashpower by 1 EH/s – Mining Bitcoin News

boss

Mawson Infrastructure Group announced on Monday that the company has secured a new mining site in Corning, Ohio. The bitcoin mining firm, on May 1, 2023, unveiled its plans to set up its miners at the new location by Q3 of this year, with an aim to raise the operation’s hashpower by 1 exahash per second (EH/s). Bitcoin Miner Mawson Acquires 24 MW in Ohio With Room for Expansion On May 1, 2023, Mawson Infrastructure Group revealed it has signed an agreement for a new site in Ohio. This development…