President Joe Biden has proposed a 30% excise tax on cryptocurrency mining in a new U.S. budget draft.
Under the bill, companies would have to report how much electricity they use and what type of power. The tax would be phased in over the next three years, increasing by 10 percent each year.
“An excise tax on electricity consumption by miners of digital assets could reduce the number of miners as well as environmental and other types of harm,” the document said.