U.S. Treasury Department Proposes 30% Excise Tax on Crypto Mining Firms

“The rise in vitality consumption attributable to the expansion of digital asset mining has destructive environmental results and may have environmental justice implications in addition to improve vitality costs for people who share an electrical energy grid with digital asset miners,” in response to the doc. “Digital asset mining additionally creates uncertainty and dangers to native utilities and communities, as mining exercise is extremely variable and extremely cell. An excise tax on electrical energy utilization by digital asset miners might scale back mining exercise together with its related environmental impacts and different harms,” the doc added.