Biden Proposes 30% Climate Change Tax On Bitcoin Miners

US Claims Crypto Mining Poses Threat To Society

According to a recent report that is set to be published in the White House today, the President’s Council of Economic Advisers (CEA) argues that Crypto miners’ high-energy consumption has negative spillovers on the environment, quality of life, and electricity grids where such businesses are located.

advertisement

Read More: LUNC Developer Teases AI App Chain “Block Entropy”, LUNC Price Eyeing $0.1?

The cryptocurrency mining business is being unfairly targeted, according to those who oppose the planned tax. The rampant crypto crackdowns by the regulators and now a proposed bill to impose hefty tax stand out as a sore eye for the larger crypto market and being part of a larger anti-crypto crusade. According to Tom Mapes, head of energy policy at the Chamber of Digital Commerce, who spoke with Yahoo News, stated that “this is just a way to go after the industry which they do not support.”

Bitcoin’s PoW In Controversy

Bitcoin’s Proof-of-Work mechanism has long been appreciated and debated since its inception. Massive supercomputers compete with one another in order to be the first to solve a mathematical riddle in the process of PoW cryptocurrency mining. According to a report published by the White House in September of last year, the mining of cryptocurrencies consumes more electricity than the entire country of Australia. It is estimated that cryptocurrency mining accounts for 0.9% to 1.7% of total electricity use in the United States, which is home to approximately one-third of all mining operations.

Trending Stories
memecoins
Missed Pepecoin Rally? Top 3 Memecoins That May Give 10x Returns
24/7 Cryptocurrency News
Ethereum Price
Ethereum Price Poised for 17.5% Fall If Buyers Lose this Key Support
24/7 Cryptocurrency News
Dogecoin
Dogecoin Price Prediction: Bullish Setup Prepares DOGE Price for 32% Rally; Buy Today?
24/7 Cryptocurrency News
Cryptocurrencies
Top 3 Cryptocurrencies Set to Kickstart Bullish Recovery in May 2023; Entry Today?
24/7 Cryptocurrency News
Ethereum Price
Ethereum Price Prediction: Bearish Pattern Signals ETH Price Crash To $1500; Sell Or Hold?
24/7 Cryptocurrency News

Recently, the Cryptocurrency Environmental Alliance (CEA) states in a post that “currently, cryptocurrency mining firms do not have to pay for the full cost they inflict on others, which includes local environmental pollution, higher energy prices, and the massive impacts of increased greenhouse gas emissions on the climate.”

At the time of writing, Bitcoin’s price is currently exchanging hands at $28,046 with a market cap of $544 billion.

Also Read: U.S. Investors Abandoning Crypto Exchanges, But Where Are They Going?

Comments

Post a Comment

Popular posts from this blog

R0AR Chain Launches Public Node Sale Following $1 Million Whitelist Success

Image
Sheridan, USA / WY, August 26th, 2025, Chainwire R0AR Chain Public Node Sale Surges Past $1 Million in First 72 Hours as Early Tiers Sell R0AR , the next-generation DeFi super-app built on Optimism’s OP Stack, today announced that its highly anticipated Node Sale is off to a record-breaking start. Within the first 24 hours, Tier 1 node licenses completely sold out , followed closely by skyrocketing Tier 2 sales. Combined, the early whitelist rounds generated over $1 million in sales , setting the stage for strong momentum as the sale enters its public phase. Tiered Pricing Rewards Early Participants R0AR’s node license sale is structured with a tiered NFT model that rewards early participation. While all nodes deliver equal validator rewards in ETH and $1R0R, earlier tiers offer lower entry prices and higher rarity NFTs. This rarity adds lasting value beyond validator returns, granting holders unique system access, AI integrations, and exclusive platform interactions across...
Read more

LBank Exchange Has Listed Pepe2025 (PEPE2025)

Image
Road Town, BVI, August 28th, 2025, Chainwire LBank Exchange, a leading global digital asset trading platform, has listed Pepe2025 (PEPE2025) at 11:00 on August 12, 2025 (UTC). Users have been able to access the PEPE2025/USDT trading pair at: https://www.lbank.com/trade/pepe2025_usdt   About Pepe2025 (PEPE2025) Pepe2025 is a commemorative meme coin project launched to celebrate the second anniversary of the iconic Pepecoin. It is designed to unite meme coin holders in a symbolic and narrative-driven token experience that reflects the evolution of the Pepecoin movement and its community. Rather than being distributed through presale or traditional fundraising, PEPE2025 tokens are available only through direct exchange listings and official community events, ensuring a fair and organic token distribution model. The project presents a unique blend of cultural homage and market engagement. It positions itself not just as another meme token, but as a participatory platform where users ...
Read more

Origin Summit Debuts in Seoul during KBW as Flagship Gathering on IP, AI, and the Next Era of Blockchain-enabled Real-World Assets

Image
Palo Alto, United States, August 26th, 2025, Chainwire First edition of the flagship institutional event, hosted by Story in collaboration with Blockworks and Korea’s largest finance media, Korea Economic Daily, convenes global leaders in AI, IP, and crypto to explore IP as the foundation of the $80T opportunity powering the AI economy. The first lineup of speakers highlights the leaders and masterminds behind Korea’s world-renowned IP phenomena from BTS and BLACKPINK to aespa and Baby Shark. These include CEOs and founders from HYBE, The Black Label, SM Entertainment, The Pinkfong Company, and many more, while attracting leaders of top crypto companies like Polygon and Animoca Brands and Wall Street’s top firms such as Morgan Stanley and Grayscale. Story , the world’s IP blockchain, in collaboration with Blockworks and Korea Economic Daily (Korea’s largest finance media group), today announced the inaugural Origin Summit, the flagship institutional event...
Read more