Senator Cynthia Lummis Calls Biden’s Bitcoin
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Mining 30% Tax SenselessCynthia Lummis thinks the Biden administration’s proposed 30% tax on electricity for Bitcoin miners is a bad idea that could hurt the industry.China banned Bitcoin mining in 2021, and America quickly became a global leader in it.The proposed tax could push Bitcoin mining operations overseas and harm America’s energy grid and economic growth.Senator Cynthia Lummis isn’t happy with the Biden administration’s idea of slapping a 30% tax on the electricity Bitcoin miners use.She says this move could mess up America’s booming Bitcoin mining industry, which took off after China banned Bitcoin mining.China was the big player in Bitcoin mining until the Chinese Communist Party (CCP) pulled the plug in 2021. They banned Bitcoin mining, opening the door for the U.S. to become the new leader.With America’s solid energy market and rule of law, it quickly attracted big investments and top talent in the Bitcoin mining field.The Threat Of The 30% Excise TaxFast forward a few years, and America is now the home base for many large Bitcoin mining companies. But this new tax proposed by the Biden administration could change all that.
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