**Senator Lummis Opposes Biden's Proposed Bitcoin Mining Tax**
On July 23, Senator Cynthia Lummis released a report challenging the Biden administration's proposed 30% excise tax on energy consumed by Bitcoin miners. The report, "Powering Down Progress: Why A Bitcoin Mining Tax Hurts America," emphasizes the benefits of Bitcoin mining to the U.S. energy grid.
Key Points:
- Bitcoin mining is cleaner than perceived, with up to 52.6% emissions-free.
- Mining facilities help stabilize electrical grids, as seen in Texas during peak demand.
- A 30% tax could discourage sustainable energy use and innovative recycling techniques.
- Lummis argues that higher taxes could drive the industry out of the U.S., reducing tax revenue, similar to China's experience post-2021 mining ban.