The White House Proposes Introducing a 30% Tax on Crypto Mining

The United States currently ranks first in the world for Bitcoin mining power, but some US states are beginning to limit these activities due to energy and environmental concerns.

In November, New York prohibited crypto mining from unsustainable energy sources. In response, the White House has proposed introducing a 30% tax on crypto mining, with the funds to be used to combat climate change.

The Council of Economic Advisers under the President of the United States has suggested that this tax be implemented in stages over the next three years, starting at 10%. It is estimated that this could generate $3.5 billion in taxes over ten years.

However, there are opponents to this proposal, citing that it could cause crypto-related businesses to leave the US. This could include mining companies as well as other crypto businesses.