Biden budget proposes 30% tax on crypto mining electricity usage

United States crypto miners could eventually be subject to a 30% tax on electricity costs under a budget proposal by President Joe Biden aimed to “reduce mining activity.”

A Department of the Treasury supplementary budget explainer paper released March 9 said any firm using resources — whether they be owned or rented — would be “subject to an excise tax equal to 30 percent of the costs of electricity used in digital asset mining.”