Biden’s Proposed Nonsensical 30% Tax Would Kill Bitcoin Mining in the U.S.

The egregious mining tax, implemented despite the billions of dollars invested in the sector, is part of his budget proposal for the fiscal year 2025, which aims to address environmental concerns and regulate the digital asset mining industry. The proposal suggests that the tax would be phased in over three years, starting at 10% in the first year, increasing to 20% in the second year and reaching the full 30% in the third year. This tax is prejudicing digital mining, exclusively, not data centers generally.