The Biden admin. proposes a 30% tax on electricity used for cryptocurrency mining in order to reduce energy usage.
There are basically 2 ways to produce cryptocurrency. Proof of work (think Bitcoin) requires enormous amounts of energy. Proof of stake (think Etherium) doesn't.
This strikes me as a reasonable policy designed to encourage less environmentally damaging behavior by the crypto community without attempting a ban.
#Politics #Crypto #Bitcoin #Etherium
https://www.whitehouse.gov/cea/written-materials/2023/05/02/cost-of-cryptomining-dame-tax/
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@Coctaanatis This is a pretty stupid idea. Actually it's a profoundly stupid idea.
A 30% tax on electricity used in crypto mining operations will not pass.