For the big mining companies, it's not a huge deal. They've got special deals with the power company, kind of like a senior discount. They can also game the system a bit by using those slow times to wipe away their taxes like magic. So, for them, it's more of a minor annoyance.
But for the little guys, the ones mining from their basements? This tax stings. It might even force them to shut down shop. Now, that might sound bad for Bitcoin, but here's the twist: fewer miners means it's harder to find new Bitcoins. Kinda like fewer miners digging for gold means less gold gets unearthed. This scarcity could actually drive the price of Bitcoin up – like a weird game of musical chairs.
The real eyebrow-raiser is the whole "reporting your income" thing. This tax plan might mean power companies start acting like the energy police, looking for houses that are using way too much juice. It's like when they used to check your electricity bill to see if you were growing weed in your basement!
Topic: Biden resurrects 30% crypto mining tax in new budget proposal - page 5. (Read 1257 times)
Joe Biden ATH in April 2021
Joe Biden ATH in Nov. 2021
Joe Biden ATH in Mar. 2024
Donald Trump ended like kind trades of all crypto in fact all like kind trades of any kind except wait for it real estate. Which directly benefits the Trump business of real estate.
So before people attack biden and favor trump read the above and realize trump is likely to be shittier than biden.
I have been around a bit I am 67 and I can tell you no president should be older than me fuck both of them.
Joe Biden ATH in Nov. 2021
Joe Biden ATH in Mar. 2024
Donald Trump ended like kind trades of all crypto in fact all like kind trades of any kind except wait for it real estate. Which directly benefits the Trump business of real estate.
So before people attack biden and favor trump read the above and realize trump is likely to be shittier than biden.
I have been around a bit I am 67 and I can tell you no president should be older than me fuck both of them.
There are so, so many things wrong with this graphic:
1. It cherry-picks very specific consumer goods, which are subject to market volatility--and the items it picks are really bad examples since they are simple products. A better example is something complicated like an new car. Plug that into the graph above--and then account for things like the longevity and quality of the good--and your graph gets much flatter.
2. It does not compare the average income of workers. Back when a Hershey bar only cost ten cents, the average worker only made two dollars a day. Today the average wage in the USA is over $250 per day.
But even if you still use this graph, you would note that in the last 40 years, the US dollar has been amazingly stable.
https://cointelegraph.com/news/crypto-mining-tax-united-states-budget
United States President Joe Biden has revived the idea of a 30% tax on electricity used by crypto miners in his budget proposal for 2025.
Lets just admit it. Biden is never going to try and stop taxing people involved in bitcoin.
Anyone that uses bitcoin here in the usa is directly accountable to the IRS even more than someone that owns a room full of firearms. enough said.
United States President Joe Biden has revived the idea of a 30% tax on electricity used by crypto miners in his budget proposal for 2025.
Lets just admit it. Biden is never going to try and stop taxing people involved in bitcoin.
Anyone that uses bitcoin here in the usa is directly accountable to the IRS even more than someone that owns a room full of firearms. enough said.Did you think otherwise? Politicians generally don't know anything about Bitcoin. Biden already came up with this idea before, why would you think he suddenly got educated on Bitcoin.
Anyway Congress does budgets, President just gives his budget proposal. Seeing as how an absurd and arbitrary mining tax would be a very very small item in the budget, there is no worry about this actually becoming law. It'll easily get taken out.
In any case, there is a good chance that more and more of such negative news would start coming out of United States in the following years. From increased taxes on miners, traders, crypto related businesses, etc. all the way to any individual that has ever thought about a cryptocurrency.
The more Bitcoin grows, they more they'll fight it.
Governments are same in all nations and they want to charge as much tax as possible from their citizens. Democracy or dictatorship, they will try to get more money from citizens.The more Bitcoin grows, they more they'll fight it.
Differences in politics, systematic foundations can give governments easier or harder chance to do what they want but basically we can not trust politicians in any country. They easily promise but usually don't fulfill their promise after all.
With the US. debt clock that increases sharply and the loss of purchasing power of US. dollar, they have to go seriously with citizen tax.
https://www.usdebtclock.org/world-debt-clock.html
Purchasing power of the US. dollar over time
That's America for you. The US government will tax everything businesses do there, on the grounds that it is to maintain sustainability and excessive energy use. This might be burdensome for Bitcoin miners there and it is possible that they will move their mining location to a country that is more friendly to their operations.
Luckily in my country the government does not impose such high taxes on Bitcoin mining businesses, on the contrary the government gives them tax discounts to keep their operations continuing and keep the cryptocurrency ecosystem in my country further developing.
Luckily in my country the government does not impose such high taxes on Bitcoin mining businesses, on the contrary the government gives them tax discounts to keep their operations continuing and keep the cryptocurrency ecosystem in my country further developing.
https://cointelegraph.com/news/crypto-mining-tax-united-states-budget
United States President Joe Biden has revived the idea of a 30% tax on electricity used by crypto miners in his budget proposal for 2025.
Lets just admit it. Biden is never going to try and stop taxing people involved in bitcoin. Anyone that uses bitcoin here in the usa is directly accountable to the IRS even more than someone that owns a room full of firearms. enough said.
United States President Joe Biden has revived the idea of a 30% tax on electricity used by crypto miners in his budget proposal for 2025.
Lets just admit it. Biden is never going to try and stop taxing people involved in bitcoin.
Anyone that uses bitcoin here in the usa is directly accountable to the IRS even more than someone that owns a room full of firearms. enough said.What if the electricity is "green"(produced by solar panels and wind turbines)? Will it still be taxed 30%? If the answer is yes, then this is clearly a discrimination tax over the cryptocurrency miners. And by the way, Biden isn't proposing anything. His team of economists is making the proposals. At this point I don't know if Biden even remembers what he ate for breakfast today. Anyway, I don't believe that this proposal will be approved in the Congress, where the Republicans have a majority, but who knows. Some republicans are crypto haters, so they might accept the proposal.
Yesterday I wanted to buy something from a shop that was accepting bitcoin payments and have bought many things from them via Bitcoin in the last year.
Quote
Yesterday, I didn't see Bitcoin as a payment option and when I messaged the shop owner, he told me that he hated paying the capital gains taxes on Bitcoins.
what a hassle. who would want to take payments in bitcoin if they have to do that? so you can't blame him. what a huge pain to have to worry about paying capital gains tax on a sale when you receive bitcoin as payment and then sell it to actually get your money. what a disaster.
30% tax on electricity used by crypto miners in his budget proposal for 2025.
Enough time to make plans 
In any case, there is a good chance that more and more of such negative news would start coming out of United States in the following years. From increased taxes on miners, traders, crypto related businesses, etc. all the way to any individual that has ever thought about a cryptocurrency.
The more Bitcoin grows, they more they'll fight it.
the actual repercussions is not the tax cost... but the declarations of sources of income, where power companies will be more likely to become reporting agencies of high use residents, sending agents to peoples homes to investigate reasons for high use of energy (much like they did when weed farming was illegal and authorities used energy bills as suspicions of running a weed farm)
well yeah, bitcoin miners could turn into the new weed growers looked down upon just as much with just as much contempt and suspicion. i could see the day when the government has a team of special agents just to seek out bitcoin miners and bust them and throw them in jail for evading paying excise taxes.
Quote from: Lucius
Does anyone really think this is Biden's idea? Well, a man does not know who is alive and who is dead, in which country he is and with whom he is talking, and someone thinks that he personally has a problem with Bitcoin?
of course it's not his idea but he signs off on everything. think "democratic party". the same people responsible for the border crisis, i mean invasion...
Quote from: m2017
It should be recognized that any government of any country will try to do this. Taxes are not the worst thing, but criminal prosecution is a completely different matter, like having a "room full of firearms".
people can own as many firearms in the usa as they want and go and shoot their guns as often as they want without having to report what they are doing to any government agency. it's no one's business. try and use bitcoin in any meaningful way other than shuffling it around from wallets you own and see if you can do that without reporting it to the irs.
Biden is a wannabe dictator. This idiot should know that he cannot unilaterally make the tax laws. That is the job of Congress.
When the miners threatened to sue his sorry ass for trying to force them to disclose private information they threatened to sue and he was forced to back down.
This harebrain idea will never get through the Congress or the courts.
When the miners threatened to sue his sorry ass for trying to force them to disclose private information they threatened to sue and he was forced to back down.
This harebrain idea will never get through the Congress or the courts.
He's not, he's proposing this to Congress. Just like every other president we've ever had. Jeez.
~snip~
If the Republic party takes over the White House with Trump and more improvements in the Congress, they might do something more positive for cryptocurrency industry, for Bitcoin community. If their actions in future are not enough, they will lose their positions next 2 or 4 years and the cycle will repeat.
If the Republic party takes over the White House with Trump and more improvements in the Congress, they might do something more positive for cryptocurrency industry, for Bitcoin community. If their actions in future are not enough, they will lose their positions next 2 or 4 years and the cycle will repeat.
As if the outcome of the election depends on crypto-friendly voters, and we know that's simply not true. I'll just say that Trump with his "cowboy" behavior is much more dangerous than Biden, and I really don't know what should be better in the US when it comes to cryptocurrencies?
The US has Coinbase, Grayscale, Microstrategy, BlackRock, Fidelity + the largest network of crypto ATMs in the world and more than a third of miners in its territory - it's not like we can say that they're not crypto friendly, right? However, lobbying and interests are always intertwined, and a proposal can always remain only a proposal if someone powerful lobbies to keep it that way.
Does anyone really think this is Biden's idea? Well, a man does not know who is alive and who is dead, in which country he is and with whom he is talking, and someone thinks that he personally has a problem with Bitcoin? Taxes have always existed and will continue to exist, and increasing taxes as in this case is just a cultural way of telling miners to pick up their equipment and find another home.
It is like lawsuits from SEC. against cryptocurrency companies like exchanges and it is considered as their over wrongly used power to force companies move out of the USA. In a Congressional hearing months ago, SEC. Chair Gensler was asked about it and he failed to response convincingly.Quote
On one occasion, I wrote that China and the US are not so different when it comes to human rights and freedoms, with the difference that China passed a law and banned Bitcoin trading and mining, while the US will do it in a much more "democratic way" by increasing taxes.
I agree with you but at least in the USA. there will be fighting between two parties and it's better for their citizens. It's better than in China when one party controls all aspects in that nation. No democracy in China and it is not only about Bitcoin mining industry.Quote
As for whether Trump would be better than Biden, perhaps some have forgotten what Trump had planned for cryptocurrencies at the very end of his term, and the Biden administration rejected all of that. Whether it will be Biden or Trump is completely irrelevant for Bitcoin, the policy basically remains the same, which is the protection of the national currency and national interests.
The end game will be defending their national currency but their politicians have to bargain with their citizens when they need votes. I see it is still good for human rights and benefit their citizens can fight for.If the Republic party takes over the White House with Trump and more improvements in the Congress, they might do something more positive for cryptocurrency industry, for Bitcoin community. If their actions in future are not enough, they will lose their positions next 2 or 4 years and the cycle will repeat.
~snip~
Lets just admit it. Biden is never going to try and stop taxing people involved in bitcoin. Anyone that uses bitcoin here in the usa is directly accountable to the IRS even more than someone that owns a room full of firearms. enough said.
Lets just admit it. Biden is never going to try and stop taxing people involved in bitcoin.
Anyone that uses bitcoin here in the usa is directly accountable to the IRS even more than someone that owns a room full of firearms. enough said.Does anyone really think this is Biden's idea? Well, a man does not know who is alive and who is dead, in which country he is and with whom he is talking, and someone thinks that he personally has a problem with Bitcoin? Taxes have always existed and will continue to exist, and increasing taxes as in this case is just a cultural way of telling miners to pick up their equipment and find another home.
On one occasion, I wrote that China and the US are not so different when it comes to human rights and freedoms, with the difference that China passed a law and banned Bitcoin trading and mining, while the US will do it in a much more "democratic way" by increasing taxes.
As for whether Trump would be better than Biden, perhaps some have forgotten what Trump had planned for cryptocurrencies at the very end of his term, and the Biden administration rejected all of that. Whether it will be Biden or Trump is completely irrelevant for Bitcoin, the policy basically remains the same, which is the protection of the national currency and national interests.
People may find ways to avoid taxes so they no need to shift to different country whenever something that is not favorable for their operations.
That is tax evasion and it is a crime, i don't think miners would want to take that risk, if this is implemented and some of them cannot cope with it as it eats into their profit, they will pack up their gears and move to another location with cheap electricity and favorable laws. I don't know if the government is doing this to attack BTC, because they know that the u.s. has most of the BTC miners, and a lot of them may be forced to leave if this gets implemented. 
That's a lot. IIRC, just after his proclamation as the POTUS, I think there were talks about him getting some of his attention into crypto/bitcoin but this is what I am not expecting to come.
Since this is still a proposal, so I think that there's a big chance that it will be approved before the election on November.
There might be miners that will just say that they're not into mining so their electricity that's being used for mining won't be taxed if this becomes a law.
Since this is still a proposal, so I think that there's a big chance that it will be approved before the election on November.
There might be miners that will just say that they're not into mining so their electricity that's being used for mining won't be taxed if this becomes a law.
I imagine that it will be a global trend for governments to start creating taxes for those who use cryptocurrencies, it is a path of no return, starting with ETFs, the traditional market and the government cannot do anything about it, just tax and try to censor, and that is what they will do. But a bitcoiner doesn't care about that. And there is nothing governments can do either.
Just narratives to convince people to pay taxes on their currencies otherwise they will be compared to marginal. Who cares?
Just narratives to convince people to pay taxes on their currencies otherwise they will be compared to marginal. Who cares?
Squeeze as much as possible is the actual new meaning of taxation, that now applied to crypto as well since it no more a thing that can be ignored since it's part of the world's economy. People may find ways to avoid taxes so they no need to shift to different country whenever something that is not favorable for their operations.
https://cointelegraph.com/news/crypto-mining-tax-united-states-budget
United States President Joe Biden has revived the idea of a 30% tax on electricity used by crypto miners in his budget proposal for 2025.
I’m curious to know, is the "30% tax on electricity used by crypto miners" higher than the tax on production or used in commercial activities? If higher, then another question arises. Why is there such discrimination against mining? Does the government believe that this is an overly profitable industry, which means it needs to be strangled with taxes?United States President Joe Biden has revived the idea of a 30% tax on electricity used by crypto miners in his budget proposal for 2025.
If they wanted to allow this industry to develop, then taxes would, on the contrary, be reduced to attract new miners to the country. High taxes only discourage miners.
Lets just admit it. Biden is never going to try and stop taxing people involved in bitcoin. Anyone that uses bitcoin here in the usa is directly accountable to the IRS even more than someone that owns a room full of firearms. enough said.
It should be recognized that any government of any country will try to do this. Taxes are not the worst thing, but criminal prosecution is a completely different matter, like having a "room full of firearms". Anyone that uses bitcoin here in the usa is directly accountable to the IRS even more than someone that owns a room full of firearms. enough said.
https://cointelegraph.com/news/crypto-mining-tax-united-states-budget
United States President Joe Biden has revived the idea of a 30% tax on electricity used by crypto miners in his budget proposal for 2025.
Lets just admit it. Biden is never going to try and stop taxing people involved in bitcoin. Anyone that uses bitcoin here in the usa is directly accountable to the IRS even more than someone that owns a room full of firearms. enough said.
Taxes on Bitcoin are inevitable, the more popular Bitcoin gets, the more restrictions we get in return. Situation can't be like it was in 2016. In 2016, Bitcoin wasn't popular, governments weren't much interested in it and there weren't regulations because Bitcoin wasn't even considered as a currency by many governments, companies and organizations. Now Bitcoin is a very popular currency used by millions of people and tax is inevitable.United States President Joe Biden has revived the idea of a 30% tax on electricity used by crypto miners in his budget proposal for 2025.
Lets just admit it. Biden is never going to try and stop taxing people involved in bitcoin.
Anyone that uses bitcoin here in the usa is directly accountable to the IRS even more than someone that owns a room full of firearms. enough said.Yesterday I wanted to buy something from a shop that was accepting bitcoin payments and have bought many things from them via Bitcoin in the last year. Yesterday, I didn't see Bitcoin as a payment option and when I messaged the shop owner, he told me that he hated paying the capital gains taxes on Bitcoins.
Jump to: