Bitcoin and cryptocurrency prices have risen again this year, thrusting Bitcoin into the limelight and causing Donald Trump to suddenly flip the cryptocurrency.
Subscribe now to Forbes Crypto Assets and Blockchain Advisor And “Discover blockchain successes that are poised for an additional 1000% gain” ahead of the looming Bitcoin halving earthquake!
The price of Bitcoin surpassed $73,000 per bitcoin this week, surpassing its all-time high of 2021, sending the price of smaller cryptocurrencies such as Ethereum, Ripple, $90 trillion worth of encryption.
Now, with Tesla billionaire Elon Musk making a dramatic return to the cryptocurrency frontlines, US President Joe Biden has been accused of trying to “destroy” cryptocurrencies in the US and “erase billions of dollars of investor value.”
Register now, for free Cryptocodex—A daily five-minute newsletter for traders, investors and cryptocurrency enthusiasts that will update you on the latest developments and keep you ahead of the Bitcoin and cryptocurrency bull market.
The Biden administration this week reintroduced a controversial proposal to tax bitcoin and cryptocurrency miners who use high-powered computers to secure cryptocurrency networks and verify transactions.
“Any company that uses computing resources, whether company-owned or leased from others, to mine digital assets will be subject to an excise tax equal to 30% of the costs of electricity used to mine digital assets,” the US Treasury Department wrote in a statement. 2025 revenue proposal.
“Implementing a blanket 30% federal tax on digital mining will almost certainly kill the sector and wipe out billions of dollars in investor value almost immediately in the United States,” said Taras Kulik, CEO of mining hardware company SunnySide Digital. DL News.
The Digital Asset Mining Energy Tax (Dame), which was first proposed a year ago, would impose a 30% excise tax on electricity costs for bitcoin and cryptocurrency miners, potentially forcing them to flee the country as they did from China when it cracked down on… Miners in 2021.
Globally, Bitcoin miners are believed to use as much electricity each year as some small countries and most of the world's Bitcoin mining now takes place in the United States following the displacement of China.
Register now for Cryptocodex– Free daily newsletter for cryptocurrency fans
“A proposed punitive 30% tax on digital asset mining would destroy any foothold this industry has in America,” pro-bitcoin and cryptocurrency Republican Sen. Cynthia Lummis, of Wyoming, said. to publish To X.
Loomis added that the White House budget is “incredibly bullish on crypto assets,” due to expectations of future tax revenues that could be raised.
“Biden’s 2025 budget is very optimistic about bitcoin,” said Pierre Rochard, vice president of research at bitcoin mining company Riot Platforms. He said On X in a somewhat sarcastic post. “They depend on it for their tax revenue.”
Follow me Twitter.
