Biden Funds Proposes 30% Electrical energy Tax on Cryptomining

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Cryptocurrencies boomed in the course of the pandemic, as many individuals labored from dwelling and regarded for issues to do with their additional time (and make some cash on the aspect). Because of this, Bitcoin and Ethereum reached all-time highs in late 2021 earlier than dropping considerably in 2022.

Now, the Biden administration is trying to curb any monetary advantages corporations acquire by imposing a brand new tax on electrical energy used for cryptomining. Based on the administration, cryptomining operations have an outsized affect on vitality consumption in the US. 

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