{"id":44863,"date":"2023-03-09T23:02:21","date_gmt":"2023-03-09T23:02:21","guid":{"rendered":"https:\/\/lydian.io\/?p=44863"},"modified":"2023-03-09T23:02:22","modified_gmt":"2023-03-09T23:02:22","slug":"the-biden-budget-proposes-a-30-tax-on-electricity-consumption-in-crypto-mining","status":"publish","type":"post","link":"https:\/\/lydian.io\/the-biden-budget-proposes-a-30-tax-on-electricity-consumption-in-crypto-mining\/","title":{"rendered":"The Biden budget proposes a 30% tax on electricity consumption in crypto mining","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"
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US President Joe Biden has proposed a phased introduction of a 30% tax on electrical energy prices for cryptocurrency mining in his administration's funds for fiscal yr 2024. <\/p>\n
A Supplementary Finances Explainer from the Division of Treasury Paper<\/a> printed March 9, mentioned that any firm utilizing assets \u2014 whether or not owned or leased \u2014 \u201ccould be topic to an excise tax equal to 30 p.c of the price of electrical energy utilized in digital asset mining.\u201d<\/p>\n One of many few surprises within the Biden funds. A proposed excise tax on electrical energy consumption from crypto mining. Introduce at 10% within the first yr and enhance to 30%. pic.twitter.com\/UPgUdr8CeG<\/a><\/p>\n