Topic: Biden resurrects 30% crypto mining tax in new budget proposal - page 2. (Read 1257 times)
I don't understand how can anyone vote for Biden while holding any stack on BTC. If you are serious about this and want to not see the project sabotaged, then you want to put people in power that will lobby for your interests, simple as that. Biden, Warren, AOC and co think they will get more votes being anti Bitcoin and pro Bitcoin, so even if I don't like Trump because he is a clown, I would vote for him at this point. At least he has shown a predisposition to not be hostile against Bitcoin. If they want to go on and vote democrat then they will not have a right to complain when the mining industry in USA collapses and that would suck since investing in Bitcoin miners is a great way to get extra alpha on bullruns.
But even if you still have to pay it, it still makes a difference that you use solar because it’s free energy which will reduce your expenses. Because the electricity bills for these crypto mining sites are definitely a lot. But like I said, I don’t entirely know because it may not be a valid solution based on the consumption of each device and the number of devices.
yeah i agree using solar is free in a sense but it does seem unfair to force people to pay 30% tax on the solar power their own system generates. they should be able to use that power however they wish and not have to pay an excise tax on it but sleepy joe thinks otherwise.
https://www.whitehouse.gov/cea/written-materials/2023/05/02/cost-of-cryptomining-dame-tax/
Estimated to raise $3.5 billion in revenue over 10 years, the primary goal of the DAME tax is to start having cryptominers pay their fair share of the costs imposed on local communities and the environment.
i think part of this $3.5 billion is going to have to be used to print more debit cards to hand out to migrants. you can say that "this 3 billion will be used for this here and that 4 billion for that there..." but in reality, no one knows what is used for what. the $300 on the debit card every week doesn't need to know where it came from. could be from bitcoin miners gettting rearended by an excise tax.
so in summary, that's one reason why i think this thing is going to pass this time. joe needs the money!
This wouldn’t be the same if they used some form of solar energy, I assume.
the way i understand it is, they don't care where your energy comes from. it could come from solar panels you own or nuclear power from the power company. you still have to pay the tax. it's not about where the electricity comes from it's about reducing mining activities.Quote
why not gradually migrate to solar energy where you don’t have to answer to anyone
because you still have to pay the 30% tax so no you don't avoid the tax and YES you still answer to the government.This wouldn’t be the same if they used some form of solar energy, I assume.
the way i understand it is, they don't care where your energy comes from. it could come from solar panels you own or nuclear power from the power company. you still have to pay the tax. it's not about where the electricity comes from it's about reducing mining activities.Quote
why not gradually migrate to solar energy where you don’t have to answer to anyone
because you still have to pay the 30% tax so no you don't avoid the tax and YES you still answer to the government.Quote from: pooya87
Whoever takes the office will face the same budget deficits, ginormous expenses, $35 trillion national debt, global dedollarisation, and a lot more issues. They'll have to pretty much increase taxes, increase interest rates, print trillions of dollars, and a lot more to get out of the mess that has been building up for the past 20+ years...
you do know why all this financial problems comes from right? from giving out too much free money. i'm all for socialism but let it be for everyone not just some people.
Quote from: legiteum
Bitcoin went up 500% under Biden.
https://en.wikipedia.org/wiki/Correlation_does_not_imply_causation
I predict that if the Donald Trump will win the presidency of America, his administration will certainly treat the cryptospace much better than the Biden administration has treated this. The Donald will want to regulate this, however, it will not be similar to how uncle Gary has done where he is doing regulation through enforcement. The Donald's tactic of regulating the cryptospace will be more diplomatic and fair. We can be quite sure of this.
Whoever takes the office will face the same budget deficits, ginormous expenses, $35 trillion national debt, global dedollarisation, and a lot more issues. They'll have to pretty much increase taxes, increase interest rates, print trillions of dollars, and a lot more to get out of the mess that has been building up for the past 20+ years... 
This wouldn’t be the same if they used some form of solar energy, I assume. But I also understand that these computers use a lot of energy, but why not gradually migrate to solar energy where you don’t have to answer to anyone and you don’t have to be careful of how much electricity you consume? I don’t know if it’s been discussed before as a solution?
I appreciate the idea. Truly, solar energy can be an alternative to electricity, but do keep in mind that solar energy equipment or set-up is not a cheap one, or it's also expensive equipment and also the cost of setting it up. But yeah, it is worth it in the long run as you can use it for too long. But the question is, does solar energy match the performance or endurance of electricity? We know how much electricity a mining setup or rig can cost, so it is also very hard to rely entirely on solar energy, maybe just as a supplementary, but that doesn't solve the idea of putting a tax on miners or miners who're using electricity in their mining rig. But I still wonder why they will put taxes on miners while they are already paying electricity bills, but we can't argue with that; we would rather obey than be illegal, right?.
This wouldn’t be the same if they used some form of solar energy, I assume. But I also understand that these computers use a lot of energy, but why not gradually migrate to solar energy where you don’t have to answer to anyone and you don’t have to be careful of how much electricity you consume? I don’t know if it’s been discussed before as a solution?
Inflation wasn't 500% in the last 4 years. Get real. It was 10% or so overall. Slight difference.
not 10% in 4 years, maybe 10% per year. working people want to see raises of at least 10% per year in case you didn't know. and that means in 10 years, $20 per hour will need to be about $45 per hour for entry level positions. and why shouldn't they be entitled to that? when everything is going up in price, rents, food, utilities...that's why they had to put in rent controls in california due to greedy landlords. but those landlords are going to raise the rents every chance they can legally get anyway. whatever that might be.
back on topic though, an interesting and probably relevant analogous situation is the MTA tax in NYC alot of people are upset about having to pay a fee to come into manhatten in their car. just like miners, they are contributing to a negative environment so they should be forced to pay a fee for that. where i disagree is if someone is using renewable energy as in using THEIR OWN SOLAR PANELS to mine bitcoin though.. but if you have an electric car, you're still congesting the city so you should still have to pay.
Yet another proposal thread being portrayed like it will definitely become a law in the future. Personally, I don't think this particular proposal will be approved though we never know.
Also, it's hilarious seeing naive people think that Trump would magically care about crypto investors. Most government heads will always try their best to suppress the power of crypto.
Also, it's hilarious seeing naive people think that Trump would magically care about crypto investors. Most government heads will always try their best to suppress the power of crypto.
I predict that if the Donald Trump will win the presidency of America, his administration will certainly treat the cryptospace much better than the Biden administration has treated this. The Donald will want to regulate this, however, it will not be similar to how uncle Gary has done where he is doing regulation through enforcement. The Donald's tactic of regulating the cryptospace will be more diplomatic and fair. We can be quite sure of this.
Yeah definitely sell before Biden gets elected. Think about how much money you would have made off that trade if you did that last time--when Bitcoin went up 500% during Biden's presidency.
but inflation also went up during his presidency. when it costs $20 for a burger and frieds, you know you're doing bad.
Inflation wasn't 500% in the last 4 years. Get real. It was 10% or so overall. Slight difference.
Yeah definitely sell before Biden gets elected. Think about how much money you would have made off that trade if you did that last time--when Bitcoin went up 500% during Biden's presidency.
but inflation also went up during his presidency. when it costs $20 for a burger and frieds, you know you're doing bad.
https://finance.yahoo.com/news/mcdonalds-18-big-mac-meal-181159814.html
minimum wage in the usa i already hear people grumbling about how it needs to be $50 per hour.
but back to bitcoin 30% excise tax proposal. not only would miners pay the 30% tax on their electricity which was a cost of obtaining their bitcoin block reward but they also have to pay normal taxes on that bitcoin too! Biden is trying to double dip on them for sure.
bad thing about this 30% tax is it is money straight out of their pockets NO MATTER WHAT. no matter if they mine any bitcoin or not. they get to pay extra just for trying. His capital gains tax increases are pretty crazy as well. This is definitely something to keep an eye on. A lot of Bitcoin holders could be wise to sell in December if he is really going to more than double the capital gains tax. I don’t think he will and even if he did I think Trump will get in and reverse all Biden’s craziness. Still something to watch.
Yeah definitely sell before Biden gets elected. Think about how much money you would have made off that trade if you did that last time--when Bitcoin went up 500% during Biden's presidency.
30% tax is too much for crypto mining because the mining speed is very low now so if a miner pays 30% tax to the government on electricity bill and other processing machine cost then I don't know if that miner can make profit or not. I have never mined so I don't know much about the mining rate. So I can't make an accurate estimate of how much profit a miner would have if he paid 30% of his mining tax to the government.
the goal of the government in doing something like this would be to curtail mining activities. to make it less profitable, if at all. sure they want to put some people out of business. that's the entire goal.
Otherwise, why would they want some people out of the business?
Maybe they are thinking that one way to curb down the number of miners is to charge them with such high tax. They may possibly change their mind if they are seeing the benefit of getting the biggest hashpower in bitcoin or crypto mining. Right now, they are not seeing it yet.
But you know miners, they will always find a better place to do their mining activities. Just look at China when they banned miners, some went to neighboring countries, or Canada and other friendly countries where tax are quite low.
Looking at the current btc mining map, I don't know how China is still getting high hash power despite the ban. Seems that they are not very successful in implementing their ban protocol
https://chainbulletin.com/bitcoin-mining-map/
30% tax is too much for crypto mining because the mining speed is very low now so if a miner pays 30% tax to the government on electricity bill and other processing machine cost then I don't know if that miner can make profit or not. I have never mined so I don't know much about the mining rate. So I can't make an accurate estimate of how much profit a miner would have if he paid 30% of his mining tax to the government.
the goal of the government in doing something like this would be to curtail mining activities. to make it less profitable, if at all. sure they want to put some people out of business. that's the entire goal.
Otherwise, why would they want some people out of the business?
It seems that the way the government of some countries with the U.S being a major culprit, have opted to treat the issue of cryptocurrencies being adopted and accepted for transaction and payments as a serious matter, by taxing it. By taxing them more on utility usage and regulating their affairs online.
Last week a mining company in same U.S took out its old BTC mining machines to Colorado springs where they should undergo refurbishment and possibly resale to interested parties as well as companies hoping to move to more locale environment where electricity and other utilities necessary to manage a BTC mining farm is economically sustainable.
Am sure why the U.S is going hard on regulating and taxing Crypto users is also their concern of crypto being a tool for sponsorship of terrorism and money laundering schemes by top executives.
Last week a mining company in same U.S took out its old BTC mining machines to Colorado springs where they should undergo refurbishment and possibly resale to interested parties as well as companies hoping to move to more locale environment where electricity and other utilities necessary to manage a BTC mining farm is economically sustainable.
Am sure why the U.S is going hard on regulating and taxing Crypto users is also their concern of crypto being a tool for sponsorship of terrorism and money laundering schemes by top executives.
If Biden wants to lose the election this a great way to do it. 14% of Americans own crypto, with closer to 20% in states like California.
That is a significant voting block with crypto being a major topic of discussion in the presidential debates. The last thing Americans need are more taxes.
So sick of Biden. That is all he is good for is raising taxes on everyday working people.
That is a significant voting block with crypto being a major topic of discussion in the presidential debates. The last thing Americans need are more taxes.
So sick of Biden. That is all he is good for is raising taxes on everyday working people.
Do you know what socialists want the most? Your money.
They will make up all those new taxes, the way they try to do it in the EU. Your money in the bank is taxed more than once, because you have inflation (which is a tax on savings) and if you get interest on your money that interest is additionally taxed, because socialists think you've made money. This is their simple math - he had a gain, he made money. It doesn't matter that he got 5% a year and inflation is 6% - according to them the man is in profit.
I feel like these democrats, which are basically socialists, have no idea how the market works. You keep taxes low, everybody will pay it, but keep it high and people will move somewhere else and you won't get anything.
Well they don't enough power yet, but send them El Salvador!
If the Biden administration was clever on their approach towards Bitcoin and other decentralized assets they would have realized how convenient it is for them to keep harsh power within the United States instead scaring away miners onto other countries which could be political adversaries of the Biden administration or even against the ideals of the American democracy.
It is all speculation, but it could be Biden and the Federal Reserve in general do not wish for the USA to harbor good sentiments for Bitcoin, because it would be in detriment of the future adoption of the CBDC (decentralized digital currency of the USA).
Not long ago, much of the hashrate power was centralized in China, and there were some people worried about it and how the communist government of China could take advantage of it, since then the hashrate has moved to other different countries and many which are more democratic. It is a pity the government of the United States is too stubborn to see Bitcoin and the cryptocurrency is part of the future.
It is all speculation, but it could be Biden and the Federal Reserve in general do not wish for the USA to harbor good sentiments for Bitcoin, because it would be in detriment of the future adoption of the CBDC (decentralized digital currency of the USA).
Not long ago, much of the hashrate power was centralized in China, and there were some people worried about it and how the communist government of China could take advantage of it, since then the hashrate has moved to other different countries and many which are more democratic. It is a pity the government of the United States is too stubborn to see Bitcoin and the cryptocurrency is part of the future.
30% tax is too much for crypto mining because the mining speed is very low now so if a miner pays 30% tax to the government on electricity bill and other processing machine cost then I don't know if that miner can make profit or not. I have never mined so I don't know much about the mining rate. So I can't make an accurate estimate of how much profit a miner would have if he paid 30% of his mining tax to the government.
the goal of the government in doing something like this would be to curtail mining activities. to make it less profitable, if at all. sure they want to put some people out of business. that's the entire goal.
Quote from: Haunebu
Yet another proposal thread being portrayed like it will definitely become a law in the future.
this is the 2nd time it is being proposed apparently. notice the word "resurrects" in the title. that means its back on the table again. and again and again and again until eventually something happens. it may not be 30% but we can't just let miners drive up electricity costs for residential consumers and legitimate businesses. whether you consider mining a legitimate business, the government doesn't. Jump to: