Biden Administration Proposes 30% Tax on Electricity Used for Cryptocurrency Mining to Curb Environmental Impact

The Biden administration proposed a tax on electricity used for cryptocurrency mining in its budget for 2024 to make cryptocurrency mining firms pay for environmental pollution and high energy prices.
Cryptocurrency mining consumes a huge amount of energy, as much as all home computers combined, and has negative environmental effects, especially in low-income and minority communities.
The proposed Digital Asset Mining Energy (DAME) tax would tax cryptocurrency mining firms 30% of the cost of the electricity they use for mining in the U.S.
Cryptocurrency mining is estimated to have used 36-66 billion kilowatt hours of electricity in 2022.
The DAME tax aims to raise $3.5 billion in revenue over 10 years.