Crypto News: Crypto Mining Companies Targeted .S. Treasury Proposes
The American-based bitcoin mining industry may be subject to a 30% charge on electricity bills under a new budget plan intended to restrict mining activities.
Any firm employing owned or rented mining equipment would be “subject to an excise tax equal to 30% of the expenditures of energy used in digital asset mining,” the Department of the Treasury announced in a supplemental budget explanation document.
Notably, the proposed tax would enter into force the next year and would be implemented progressively over three years at a rate of 10% per year, attaining the intended tax rate of 30% by the end of 2026.
It would also be necessary to report on the quantity, kind, and price of the electricity used by bitcoin miners. This suggests that even miners who use off-grid energy would have to pay taxes.