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News related to Crypto / Re: Biden’s 30% tax is not welcomed by crypto industry
« Last post by Faisal2202 on Today at 07:44:43 PM »On Tuesday, this proposal was brought back into the spotlight as part of the government’s budget plan for the next fiscal year. The DAME tax would charge Bitcoin miners a 30% tax on the cost of the electricity they use. This tax would be introduced gradually: starting at 10% in the first year, then increasing to 20% in the second year, and finally reaching 30% in the third year.I did read this news before but I did not know the tax would be imposed in phases, well that's at least a good thing, as miners who are mining at bigger rates, might want to move out of the country in order to safe themselves from such a huge tax as 30% is a no way for me at least although I am not a miner. But I wonder if most of the miners even at a lower scale prefer not to use electricity from grids they prefer solar or wind energy.
Because that's cheap, I have seen a lot of videos of big mining farms which are running on wind or solar energy. Do these miners have to pay the tax as well, as our government is also considering imposing the tax on people using solar power to power their houses and shops, I mean why would a country impose such a tax while citizens are not using anything of theirs? That's just absurd. Well, let's see what happens if the presidency changes.