Nic Carter: Biden’s Crypto Mining Tax Move Counter-Productive
The proposal to impose a 30% tax on Bitcoin mining power consumption cost in the upcoming US federal budget could have major repercussions in the global mining scene. If the proposed bill gets the Congress approval, the US administration could impose a 10% initially for an year, before raising 10% per annum to 30%. Essentially, taxation on mining is a way to discourage crypto mining in the United States and hence will only become a matter of an alternate jurisdictions for mining companies. Already, Coinbase on Tuesday announced it was launching the Coinbase International Exchange.
Also Read: PePe Coin Rally Ain’t Stopping Here; PEPE Bags Another Exchange Listing
Earlier, CoinGape reported that the President’s Council of Economic Advisers (CEA) pointed to effects of crypto mining related high energy consumption. The Council is said to have mentioned in an upcoming report about the negative spillovers on environment, quality of life, and electricity grids.
Nic Carter Says Taxing Would Increase Emissions
Ventire capitalist and popular crypto figure Nic Carter argued that the Biden taxation move could actually be counter-productive to the environment. He added that jurisdictions like China, Russia, Kazakhstan, Iran, Venezuela and Malaysia have higher carbon intensity for Bitcoin mining related power generation.
“Banning mining in the U.S. won’t cause there to be less BTC mining. It will simply mean that mining occurs elsewhere. Other places with higher carbon intensity BTC mining.”
It may also be recalled that billionaire Elon Musk said Tesla was staying away from Bitcoin due to the emissions release from electricity generated for Bitcoin mining.
Also Read: Bitcoin Price Gains, Stocks Market Falls After US Jobs Data
- Crypto Market Tumbles as Jerome Powell Says December Rate Cut ‘Far From Certain’
- FOMC Meeting: Federal Reserve Lowers Interest Rates by 25 Bps in Second Cut of the Year
- WLF Token Jumps 7% as Former Robinhood Counsel Joins Trump-Backed World Liberty Financial
- Changpeng Zhao “CZ” Warns Investors “Don’t Buy” Golden Statue Meme Coin After 27,000% Surge
- Markets Expect October Fed Rate Cut as Bitcoin Repeats Post-FOMC Pattern
- Ethereum Price Flips BTC in Strategy Shift, Eyes $4500 Level
- Expert Predicts XRP Price to Hit $10 as Elliot Wave, XRPR ETF Inflows Align
- HYPE Price Prediction as 21Shares Files S-1 for Hyperliquid ETF—Can Bulls Push HYPE to $60?
- Bitcoin Price Rally Bound? How the Fed’s Move May Unleash Crypto
- Can ASTER Price Rebound 50% as Whale Activity and Bullish Pattern Align?
- Pi Network Patterns Point to More Gains Despite Manipulation Claims
MEXC