Bitcoin News and Finance: What You Need to Know

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 grad...