The post Cynthia Lummis Calls Biden’s Bitcoin Mining 30% Tax Senseless appeared on BitcoinEthereumNews.com.

Cynthia Lummis thinks the Biden administration’s proposed 30% tax on electricity for Bitcoin miners is a bad idea that could hurt the industry. China banned Bitcoin mining in 2021, and America quickly became a global leader in it. The proposed tax could push Bitcoin mining operations overseas and harm America’s energy grid and economic growth. Senator Cynthia Lummis isn’t happy with the Biden administration’s idea of slapping a 30% tax on the electricity Bitcoin miners use. She says this move could mess up America’s booming Bitcoin mining industry, which took off after China banned Bitcoin mining. China was the big player in Bitcoin mining until the Chinese Communist Party (CCP) pulled the plug in 2021. They banned Bitcoin mining, opening the door for the U.S. to become the new leader. With America’s solid energy market and rule of law, it quickly attracted big investments and top talent in the Bitcoin mining field. The Threat Of The 30% Excise Tax Fast forward a few years, and America is now the home base for many large Bitcoin mining companies. But this new tax proposed by the Biden administration could change all that. Cynthia thinks that this tax could push the industry out of the country and into the arms of other nations. She also thinks the Treasury’s reasons for the tax are based on outdated views on energy use and technology. Senator Cynthia Lummis calls Biden’s Bitcoin mining tax senseless   With her report, Cynthia wants to clear up the myths behind the tax proposal. She highlights the economic and energy benefits Bitcoin mining brings, like creating jobs, supporting energy infrastructure, and driving innovation. She believes this tax would damage these benefits and hurt a growing sector of the American economy. She took the time to explain how the blockchain works and…

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Filed under: News - @ July 25, 2024 12:22 am