The Biden administration wants to slap a 30% tax on electricity used for Bitcoin mining and double the capital gains tax to 40%.
The State hates BitcoinΒ & it hates you.
Discussion
That will directly result in Mining being moved away from the USA and boost P2P BTC
Neither is good for the Country, but Bitcoin doesnβt care
Yep. Hash power just going to move elsewhere. Hash rate will remain the same.
Not the first time itβs happened! π¨π³
100%
The State is shooting itself on the foot, as per usual
Has Biden done anything good for the country yet?!? Slippery slope determining what are good and bad uses of electricity/utilities.
See you in court, Old Fart
Bitcoin has been at war with the state for over 13 years, and now the state is fighting back.
This was inevitable.
They can go after large scale mining operations but they'll never be able to go after the average anon running a couple of ASICs in his home.
Precisely. This will only incentivize people to stack more and go p2p. Miners will just move where energy is cheaper.
Thereβs no stopping Bitcoin.
Gonna drive out the mining business if this gets passed. Won't get passed.
This will drive the industry away from the US. Too bad...
I don't think he's running for President in 2024. This is no way to win an election.
This old man is disgusting
He and his enablers are very afraid.
Nice! And how will he know if the Watts went to jackpot machines or mining hardware?
A 30% tax on electricity used will likely make mining even more decentralized by giving a 30% advantage to operate integrated production/mining operations, eg flare gas, on-site solar, on-site wind, etc.
It'll also give a 30% advantage to small scale undocumented miners.
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This is good for Bitcoin, bad for America