Topic: Biden is asking Congress to kill the American Bitcoin mining industry - page 3. (Read 551 times)

If I remember correctly, this is not the first time Biden has made this proposal and it has been rejected before. Also, even if this regulation is approved, there is no need to worry, miners will move to friendlier countries. This action cannot stop the popularity of bitcoin or have any positive impact on the US government. They would lose a significant amount of tax revenue if they tried to drive the miners out of their country. To me, this news is no different than Fud, so it's not worth paying attention to.

That high tax on mining is going to cause so much discomfort for the miners of the America. It's not worth it to pose such high taxes on miners, the reward for mining is already half and the miners may face more problems if they get another burden as extra tax that they will have to pay in order to continue their mining operations.

First year tax is 10%, which is quite high for the miners who haven't yet covered the initial cost of the mining machine or ASICS that they have bought for the mining operations. And, the next years that tax will double to 20%, and 30% after that year. The miners have to move their mining setups to other countries if Biden or the government doesn't reduce that tax.

tbh atp, Biden is just pulling a Biden here since he's just a frontman of 'his' administration who are actually the ones doing majority of the 'work'.

Someone else on this forum has mentioned about Trump being all over the place but everyone can clearly see that the entire Biden Administration can't even get one thing straight.
^ This comment is a barely off-topic but wanted to make a point to that one person who thinks that one knowledgable man's 'wandering off-point at times' is more embarrassing than an entire administration full of clowns screwing up everything LMFAO (don't worry! This comment is it, nothing more!)

I will admit tho, America being in a hell-deep debt, the Biden administration were tryna find a way to somewhat find a source to repay it, and seeing that Bitcoin being the leading revolution and gaining countless more people into it, I'm guessing the administration wanted to find a easy shortcut since the money pumping through Bitcoin is outstanding.

Seeing that New York has already banned mining for carbon reduction reasons and several other states refusing to give out/renew permits for mining, it already seems like they're working on limiting crypto mining. But tbh, even if the government were to stop crypto mining for the general public they'd still end up producing just as much carbon when mining for themselves. I see it as they want more centralization over Bitcoin and cryptocurrencies which were introduced to be decentralized so that these types of things won't happen. idk, this is just the way I see it but if there is something I may be missing about this, do let me know, I'm still learning and open to other perspectives

But anyways, like everyone else who's commented before me, I agree that the bill can't just be passed as it's more than likely negatively impact America in the long term. Living in America myself, I hope nothing like such bill will be passed since seeing how crypto has revolutionized, it would only be a minor obstacle that crypto can overcome easily but will have a negatively huge impact on America... plus it's already chaotic here lol

Yes and no .....  

Why ?

New York (state) banned crypto mining...

`The New York Senate passed Bill S6486D banning cryptocurrency mining in the state when relying on carbon-based energy sources to power their operation.`

If other states follow their lead, which some have, it's game over for most unless you can find another power source that gets round the ban or move to another state that's crypto friendly.

There are states that are also refusing to give out permits / renew them for mining farms as well.

BTW - If you did not read the article that I posted in my first post here ....

There are supporters of Bitcoin community in the Congress and Biden can not only ask his party mates in the Congress to kill American Bitcoin mining industry. He will not get enough support to pass such a bill. He will not win no matter how hard he tries to do that and I believe he does not aim at killing American Bitcoin mining industry.

Tax, he and his administration want to get more tax for the nation from American Bitcoin mining industry. He can achieve it but he will not achieve a target to kill this industry, even he wants it.

If Bitcoin miners migrate from the USA. to other nations, the USA. will lose significant tax resource.

Tax it to death or ban it still = kill it in the USA no matter what.

Sad thing is that it will cost people their jobs, be it miners, traders and exchanges that operate in the USA with either route they take.

Here's the other sad thing, AI is power hungry too, as are all the data centers that we rely on for day to day things, Gov servers (IRS, Defence, police, DMV etc), traffic control systems, banking, the internet and all the servers and routers and network switches and distribution nodes for the cables in the sea and on land that we rely on day to day for the internet to work.

Why single out BTC / crypto with it's electric consumption ?

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.

Now, before I get into deep water with any moderators here, this topic is not here to start a fight, so please keep it on topic.

Looking for everyone's thoughts on this, please keep the political content to a minimum.

This story got posted today....

https://cointelegraph.com/news/biden-is-asking-congress-to-kill-the-american-bitcoin-mining-industry

So, lets hear your thoughts on this and if your in the USA, which way will you vote in November ?