The computers that secure cryptocurrencies like bitcoin consume large amounts of power, pushing up electricity prices and potentially contributing to climate change. Now, the US government wants to tackle the problem
The US government has proposed a tax on cryptocurrency miners in an effort to reduce the industry’s sizeable environmental impact, but experts warn that the move could simply shift the problem elsewhere.
As such, the budget proposes a 30 per cent tax on miners’ total energy costs, applying to both power from the grid and any electricity generated by the miners themselves. It would be phased in, with a 10 per cent charge starting in 2025, a 20 per cent charge in 2026 and, finally, a 30 per cent charge in 2027. An identical tax was proposed by Biden last year, but it failed to pass the House of Representatives and Senate and become law – hurdles that this second attempt now faces.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cape Cod's 'power couple of pee-cycling' wants you to save that liquid goldCape Cod communities are spending millions to install sewers and upgrade wastewater treatment plants. But a growing number of people say urine diversion or 'pee-cycling' deserves a closer look. The town of Falmouth is leading the way.
Read more »
CERN Wants to Build an Enormous New Atom Smasher: the Future Circular ColliderSpace and astronomy news
Read more »
Ari Hendrix Wants to Keep Breaking Barriers for Black WomenMarathoner Ari Hendrix is making history as one a few Black American women running in the Olympic Marathon trials.
Read more »
This Social Worker Wants Runners to Find the Joy in MovementShe started a run club with a local Lululemon store and organized her first race this year.
Read more »
Cline says she wants to defend herself in private board meeting on possible disciplineAfter 3 decades spent in the sunny (and humid) South Florida media world, Jeff has traveled to across the country to partake in the delights of The Beehive State.
Read more »
Carlsbad wants roundtable with county and FAA to discuss continuing airport noiseResidents have complained for years about pilots who fail to follow voluntary noise abatement procedures
Read more »