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Edmund Edgar (goat/acc)
@edmundedgar.eth
Tax on electricity for crypto mining. Economically this is one of the best taxes in the history of taxes. BTC is secured by spending money on hashpower. It works equally well whether it goes to the government or the electricity company. https://taxfoundation.org/research/all/federal/biden-budget-2025-tax-proposals/
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Noxik (fut/acc)
@noxik.eth
Was this /s? It would drive all Bitcoin mining out of the U.S.
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Edmund Edgar (goat/acc)
@edmundedgar.eth
No, serious. Not clear all of it would leave the US, it's not like any other country wants crypto mining either so the places that haven't banned it will likely also tax it. It also helps small miners compete (because they can evade the tax) Makes Bitcoin better, reduces emissions, funds public services. Win-win-win
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Noxik (fut/acc)
@noxik.eth
There are 195 countries. A 30% tax is crushing. Miners will most certainly go find a few other countries materially below 30%, if not 0. It weakens Bitcoin (very slightly), has no impact on net emissions, funds zero public services, and makes America more uncompetitive in crypto.
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Edmund Edgar (goat/acc)
@edmundedgar.eth
195 countries but many are uncompetitive places to mine for other reasons, or have already banned crypto mining. Nobody wants this in their country, they want electricity used for things that create jobs. 30% on power is about what you'd have to be paying for them to want you to do it
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Noxik (fut/acc)
@noxik.eth
this isn’t how bitcoin mining works economically. It is commoditized. Meaning, if you don’t have the cheapest electricity possible you go out of business it. This is why miners pop up on grids that have excess energy & where there is stranded energy. They will never mine in a jurisdiction with an excise tax
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