🚫 BIDEN WANTS 30% MINING TAX 🚫
President Biden's 2025 budget proposal includes a troubling provision: a 30% tax on electricity used by Bitcoin miners. Here's why it's a bad idea:
1️⃣ REGULATORY CHANGES: Biden's proposal includes sensible regulatory changes, like closing tax loopholes and applying existing securities regulations to crypto trading. These changes create a level playing field without adding bureaucratic red tape.
2️⃣ CRYPTO MINING TAX: But the proposed mining tax is a step in the wrong direction. It unfairly burdens crypto miners with a hefty tax on electricity, regardless of its source. This could drive miners overseas, harming the U.S. crypto industry.
3️⃣ IMPORTANCE OF MINING: Mining is crucial for decentralized cryptocurrencies like Bitcoin. It incentivizes the hosting and updating of the ledger, ensuring a robust and secure network without a single point of control.
4️⃣ ENVIRONMENTAL CONCERNS: While aimed at addressing environmental concerns, the tax fails to distinguish between sustainably sourced electricity and nonrenewable sources. It's a blunt instrument that could drive innovation overseas.
5️⃣ BETTER ALTERNATIVES: Instead of punitive taxes, the administration should focus on common-sense reforms that support innovation while addressing environmental concerns. Light-touch regulations can achieve these goals without stifling the industry.
I think we can all agree, that Biden should rather stick to choosing the right ice cream flavor.
What's your opinion on this?
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