Senator Cynthia Lummis Slams Biden Administration's 'Dangerous Scheme' To Impose 30% Tax On Bitcoin Mining, Call It 'Blatant Attack' On American Excellence
Portfolio Pulse from Aniket Verma
Senator Cynthia Lummis criticized the Biden administration's proposal to impose a 30% tax on Bitcoin mining, arguing it would harm innovation, energy infrastructure, and tax revenues. She highlighted the benefits of Bitcoin mining for energy grids and environmental concerns, warning of a potential miner exodus.
July 24, 2024 | 5:20 am
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The proposed 30% tax on Bitcoin mining by the Biden administration could negatively impact Bitcoin prices due to potential miner exodus and increased operational costs.
The tax proposal could lead to increased costs for miners, potentially causing some to relocate to more favorable jurisdictions. This could reduce the hash rate in the U.S. and negatively impact Bitcoin prices in the short term.
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