He is not looking to kill it, he is trying to impose the DAME tax, DAME means Digital Asset Mining Energy, and the idea is to start with this tax from 10%, then 20% in the next year and 30% on the 3rd year.
So, the plan isn't to ban the mining, but with those huge taxes, no one will want to mine there. Is not a good business. But i don't think congress will let that tax come to live, and if it does, they will stop it before the 3rd year, because other way people will start creating illegal farms.
So, the plan isn't to ban the mining, but with those huge taxes, no one will want to mine there. Is not a good business. But i don't think congress will let that tax come to live, and if it does, they will stop it before the 3rd year, because other way people will start creating illegal farms.
So Biden had decided to milk the Bitcoin mining Industry in the US while slowly killing the industry due to the imposed yearly increment of tax. It is not a surprise because we have seen Biden eagerly wanting to regulate the Bitcoin industry and take the opportunity to profit from it.
So let us see if the US Congress will support these regulations suggested by Biden.
These anti-crypto takes by Biden are stupid. He should know that crypto is a very much booming industry and that it's going to benefit other countries massively if America kicks them all out.
This is the reason why Biden wanted to implement taxes to the industry, for the US government to gain huge income from the industry. Whether it is bullshit or not is subjective. For the eyes of the non-crypto people, it should be but for the miners, it is somehow suppressive.
