Crypto Mining Firms Targeted: U.S. Treasury Proposes 30% Tax on Electricity Costs

Crypto mining firms based in the United States could be subject to a 30% tax on electricity costs under a new budget proposal aimed at reducing mining activity. According to a supplementary budget explainer paper by the Department of the Treasury, any firm using owned or rented mining rigs would be “subject to an excise tax equal to 30 percent of the costs of electricity used in digital asset mining.”... Read More: Crypto Mining Firms Targeted: U.S. Treasury Proposes 30% Tax on Electricity Costs