On May 2, 2023, the Biden administration unveiled a blog post outlining the Digital Asset Mining Energy (DAME) tax, featured in the president’s comprehensive 182-page budget proposal for the fiscal year 2024. The DAME tax targets “making crypto miners pay for the costs they impose on others” regarding the environmental impact of crypto mining activities.
Crypto Miners Could Face Gradually Increasing Tax With Biden’s DAME Proposal
With the White House’s Council of Economic Advisors expressing alarm over the so-called climate crisis, Biden’s administration argues that crypto asset mining’s energy consumption brings about “negative spillovers on the environment, quality of life, and electricity grids where these firms locate across the country.”
To address these environmental costs, the White House believes that the Digital Asset Mining Energy (DAME) tax will encourage companies to “start taking better account of the harms they impose on society.” The DAME tax intends to levy a gradually increasing tax on crypto asset miners in the United States, ultimately reaching 30%.
In the blog post, the White House refers to a recent New York Times article that was accused of being a biased “one-side hit piece” that relied on dated data while offering no counterarguments. Moreover, the Biden administration includes a comparison between electricity used for mining and power consumption concerning America’s residential lighting – a tactic viewed as deceptive in making readers believe that technology is stealing energy resources earmarked for human use.
However, this comparison neglects to factor in benefits provided by applied direct response systems or current research findings from ESG analyst Daniel Batten. The Biden administration’s message fails to acknowledge renewable energy sources leveraged by bitcoin miners or how mining can mitigate flare emissions.
Even so, the White House contends that miners who utilize renewable energy actually “reduce the amount of clean power available for other uses,” leading to increased prices for consumers. The term “dirty” is employed numerous times when referencing supposedly “dirtier sources of electricity.”
Lastly, the White House highlights that the DAME tax represents “only one example of the administration’s efforts to fight climate change.” It serves as merely the “start of having crypto miners pay their fair share of the costs imposed on local communities and the environment.”
What are your thoughts on the DAME tax proposal? Do you believe it will effectively address the alleged environmental costs of crypto mining, or do you think it unfairly targets the mining industry? Share your opinions in the comments section below.
EntryImageUrl https://static.news.bitcoin.com/wp-content/uploads/2023/05/taaaaaaaaaaaaaaaaaaaaaaaaa-768x432.jpg EntryTitle White House Pushes DAME Tax Proposal to Address Alleged Environmental Costs of Crypto Mining FeedUrl https://news.bitcoin.com/ Blogger icon Blogger Create a post Action failed, 10:16 PM Applet updated May 03 - 8:49 PM RSS Feed Bitcoin News-GA4 Applet failed May 03 - 8:16 PM RSS Feed Bitcoin News-GA4 Action failure message: This Applet has reached its daily rate limit and was skipped. RSS Feed icon RSS Feed New feed item Trigger ran, 8:16 PM Blogger icon Blogger Create a post Action failed, 8:16 PM Applet updated May 03 - 7:21 PM RSS Feed Bitcoin News-GA4 Applet failed May 03 - 6:51 PM RSS Feed Bitcoin News-GA4 Action failure message: This Applet has reached its daily rate limit and was skipped. RSS Feed icon RSS Feed New feed item Trigger ran, 6:51 PM Blogger icon Blogger Create a post Action failed, 6:51 PM Applet failed May 03 - 6:16 PM RSS Feed Bitcoin News-GA4 Action failure message: This Applet has reached its daily rate limit and was skipped. RSS Feed icon RSS Feed New feed item Trigger ran, 6:16 PM Blogger icon Blogger Create a post Action failed, 6:16 PM Applet failed May 03 - 5:17 PM RSS Feed Bitcoin News-GA4 Action failure message: This Applet has reached its daily rate limit and was skipped. RSS Feed icon RSS Feed New feed item Trigger ran, 5:17 PM Blogger icon Blogger Create a post Action failed, 5:17 PM Applet failed May 03 - 3:16 PM RSS Feed Bitcoin News-GA4 Action failure message: This Applet has reached its daily rate limit and was skipped. RSS Feed icon RSS Feed New feed item Trigger ran, 3:16 PM EntryUrl https://news.bitcoin.com/ax1-releases-research-on-binance-key-project-trust-wallet/ EntryPublished May 03, 2023 at 04:00PM FeedTitle Bitcoin News EntryAuthor Media EntryContent
PRESS RELEASE. AX1 company recently conducted research on the Trust Wallet, a popular cryptocurrency wallet that has gained a significant following in recent years. The research aimed to understand the level of security and trustworthiness of the wallet, and to identify any potential vulnerabilities or weaknesses that could be exploited by malicious actors.
The findings of the research were largely positive, with the Trust Wallet receiving high marks for its security features and overall reliability. The wallet was found to use strong encryption and multi-factor authentication to protect user data and prevent unauthorized access.
Furthermore, the researchers noted: “Trust Wallet has a strong track record of timely security updates and patching of any identified vulnerabilities.”
This demonstrates a commitment to ensuring the ongoing security of the wallet and its users.
Overall, the research conducted by AX1 company provides valuable insights into the security and trustworthiness of the Trust Wallet. While the wallet was found to be generally secure and reliable, there are areas where it could potentially be improved to provide even greater levels of protection for its users.
In addition to the hardware-based security features, the research also recommended that Trust Wallet could benefit from further transparency and openness regarding its security measures. This could include more frequent public disclosures of any identified vulnerabilities, as well as a clear and comprehensive security policy that outlines the measures in place to protect user data.
AX1’s research also highlighted the importance of user education and awareness when it comes to maintaining the security of cryptocurrency wallets like Trust Wallet. Users should be encouraged to take proactive measures to protect their own data, such as using strong passwords, enabling two-factor authentication, and regularly updating their software.
The research conducted by AX1 company about the Trust Wallet provides valuable insights into the security and trustworthiness of this popular cryptocurrency wallet. While the wallet was found to be generally secure and reliable, there is always room for improvement when it comes to protecting user data and preventing unauthorized access. By implementing the recommendations outlined in the research, Trust Wallet could further enhance its security measures and provide even greater peace of mind for its users.
The AX1.vc platform is a blockchain-based platform that allows investors to invest in early-stage startups and emerging companies. The platform is designed to be secure, transparent, and efficient, making it easier for investors to find and invest in promising startups.
One of the most significant advantages of the AX1.vc platform is its use of blockchain technology. Blockchain technology provides a secure and transparent way to manage investments, eliminating the need for intermediaries and reducing the risk of fraud. This makes the platform an attractive option for investors who are looking for a secure and reliable way to invest in startups.
Link on report: https://ax1.vc/twt/
Website: https://ax1.vc/
Twitter: https://twitter.com/ax1vc
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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