Bitcoin Mining

Nic Carter: Biden’s Crypto Mining Tax Move Counter-Productive

Nic Carter argued that the Biden taxation move on Bitcoin mining could actually be counter-productive to the environment.
Published by
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.

Advertisement

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

Advertisement

Share
Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

S&P Launches Crypto 50 Index But There’s A Catch

S&P Dow Jones Indices has introduced a new index called the S&P Digital Markets 50.…

October 7, 2025
  • 24/7 Cryptocurrency News

NYSE Owner ICE to Invest $2B in Polymarket as Interest in Prediction Markets Heats Up

Crypto predictions platform Polymarket has secured a strategic investment from New York Stock Exchange (NYSE)…

October 7, 2025
  • 24/7 Cryptocurrency News

Expert Predicts SOL ETF Approval This Week as Solana ETPs Break All-Time Record

An expert has predicted that the U.S. SEC could finally approve the pending SOL ETF…

October 7, 2025
  • Altcoin News

XRP On-Chain Data Flashes Buy Signal as Analysts Target $4

On-chain data expert Santiment claimed XRP is flashing a promising buy signal. The highest level…

October 7, 2025
  • 24/7 Cryptocurrency News

U.S. To Start Funding Its Bitcoin Reserve Anytime, Says Senator Lummis as BTC Rally Extends

Senator Cynthia Lummis confirmed that the U.S. government would begin funding its Strategic Bitcoin Reserve…

October 7, 2025
  • 24/7 Cryptocurrency News

Bitcoin Should Be At $148,000 To Match With Gold Rally, Says Peter Schiff

Bitcoin price surged to a fresh all-time high at $126,198, with its market cap surging…

October 7, 2025