White House proposes 30 percent tax on electricity used for crypto mining
Critics believe that the government made this proposal to go after and harm an industry it doesn't support. Areport also suggested that DAME may not be the best solution for the issue, and that taxing the industry's greenhouse gas emissions might be a better alternative. That could encourage mining firms not just to minimize energy use, but also to find cleaner sources of power.
If the proposal ever becomes a law, the government would impose the excise tax in phases. It would start by adding a 10 percent tax on miners' electricity use in the first year, 20 percent in the second and then 30 percent from the third year onwards. All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission. All prices are correct at the time of publishing.
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