Senator Cynthia Lummis has just issued a report opposing the Biden administration's 30% tax on energy consumed by Bitcoin miners. 🪙

- "Powering Down Progress" report highlights the benefits of Bitcoin mining infrastructure to the US power grid.

- According to Bitcoin Energy and Emissions Sustainability Tracker, 52.6% of BTC mining is emission-free.

- BTC mining facilities help balance and distribute energy, such as the partnership between ERCOT and BTC miners in Texas.

Will a 30% tax harm the environment?

- Lummis believes that this tax will reduce the incentive to find sustainable energy.

- For example, mining BTC from landfill methane and volcanic energy in El Salvador.

Energy efficiency from BTC mining:

- In Finland, excess heat from BTC mining warms 11,000 people.

- Marathon Digital signs contract with Kenya to develop renewable energy.

Laffer Curve will have the last laugh:

- Increasing taxes will push the BTC mining industry out of the US, reducing tax revenue.

- China experienced this when it banned mining in 2021.

What do you think about this 30% tax? Comment! 💬