
The Utter Folly of Biden's Proposed Bitcoin Mining Tax
The Breakdown
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The Dame Excise Tax in the US Is a Dangerous Precedent
The White House is trying to push through a de facto ban of mining in the US. The proposed levy would add 30% to electricity costs for miners which would be enough to turn their economics upside down and force them to leave these shores. It's not Bitcoin miners responsibility to decarbonize the electricity they purchase that falls to the architects of the grid. Other industries don't get held responsible for grid emissions this way just politically disfavored ones like Bitcoin miners. And if this precedent is set any politically disf favored energy consumer will potentially be in the crosshairs.
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