The Biden Administration isn’t backing down from its proposal to impose a 30% mining tax on electricity used by crypto miners, arguing in a recent blog about its “real costs” to the environment.
from the White House’s Council of Economic Advisers has brought the proposal back to light again, in attempts to justify the need for the new tax.
“Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate,” the CEA wrote. mining is good for the grid and good for the environment, yet Biden wants to tax it 30% and send this valuable industry into the hands of Russia.“The DAME tax encourages firms to start taking better account of the harms they impose on society,” it wrote, adding:
“While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.” The blog also referenced reports suggesting crypto mining has “negative spillovers” on the environment, quality of life, and electricity grids and that pollution from electricity generation falls on low-income neighborhoods and communities of color, while pushing up the cost of electricity for consumers.It even suggests that crypto mining using existing clean power can still have a negative impact on the environment, by pushing other electricity users to “dirtier” sources of electricity.
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