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Biden Is Asking Congress To Take Aim at the American Bitcoin Mining Industry

Unveiling plans to phase in a 30% tax on crypto mining power usage, intensifying regulatory pressures on the industry.

Author

Mike Gavela
April 22, 2024

Crypto Roundup - Apr 22

In recent developments within the cryptocurrency sector, President Biden has reintroduced a contentious proposal to implement a 30% tax on the electricity used by cryptocurrency miners, aimed at curbing the industry’s substantial energy consumption and its environmental impact. The phased tax is set to escalate from 10% in the first year to a full 30% by the third year. This move comes amidst the backdrop of the latest Bitcoin halving event which traditionally reduces the reward for mining new blocks, and has historically impacted transaction fees and mining profitability. Meanwhile, the U.S. Department of Energy has initiated an "emergency" review of energy usage by crypto miners due to a surge in Bitcoin prices, reflecting growing governmental scrutiny over the sector's environmental footprint.

Top Stories:

  • Biden’s Resurgent Mining Tax Proposal: Unveiling plans to phase in a 30% tax on crypto mining power usage, intensifying regulatory pressures on the industry.

  • Bitcoin Halving’s Market Impact: Recent halving event slashes mining rewards, stirring significant shifts in transaction fees and mining economics.

  • U.S. Energy Review Amid Price Surge: Government's emergency response to Bitcoin's price increase includes a comprehensive energy use assessment by crypto miners.

TOP STORIES

Biden is asking Congress to kill the American Bitcoin mining industry

President Biden is asking Congress to take aim at the American Bitcoin mining industry — and he's citing China as an example for the United States to follow.

cointelegraph.com/news/biden-is-asking-congress-to-kill-the-american-bitcoin-mining-industry

Bitcoin Transaction Fees Come Crashing Down Post Halving

After the halving, fees spiked to $146 for a medium-priority transaction and $170 for a high-priority transaction.

www.coindesk.com/markets/2024/04/22/bitcoin-transaction-fees-come-crashing-down-post-halving

Bitcoin halving shows new users that ‘code is ultimately the law’ in crypto

Tether CEO Paolo Ardoino thinks the Bitcoin halving was already priced in but is still bullish on the potential effects of the ETFs.

cointelegraph.com/news/bitcoin-halving-code-law-crypto

FUNDRAISES

OTHER HEADLINES

ZKasino Users Plead for Refunds as $33M of Bridged Ether Sent to Lido

Depositors were originally told that bridged ether would be returned once the bridging phase was over.

www.coindesk.com/business/2024/04/22/zkasino-users-plead-for-refunds-as-33m-of-bridged-ether-sent-to-lido

Two SEC Lawyers Resign Following Debt Box Sanctions Fiasco: Bloomberg

Last month, a Utah district court judge ordered the SEC to pay Debt Box’s legal fees.

www.coindesk.com/policy/2024/04/22/two-sec-lawyers-resign-following-debt-box-sanctions-fiasco-bloomberg/?utm_medium=referral&utm_source=rss&utm_campaign=headlines

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