Skip to content
Subscribe
  • Home
  • Services
  • Video
  • Events
Subscribe

Reading

Bitcoin Miners Could Face 30% Energy Tax under Biden Administration’s New Proposal
News Mining

Bitcoin Miners Could Face 30% Energy Tax under Biden Administration’s New Proposal

U.S. President has introduced the Digital Asset Mining Energy (DAME) excise tax, which requires bitcoin mining companies to pay 30% of their electricity costs associated with mining digital assets as a tax.
Alex Lari
By: Alex Lari
Oct 27, 2023
3 min read
Bitcoin Miners Could Face 30% Energy Tax under Biden Administration’s New Proposal

As part of his proposed budget for Fiscal Year 2024, the U.S. President has introduced the Digital Asset Mining Energy (DAME) excise tax. Under this new tax, companies engaged in bitcoin mining would be required to pay 30% of their electricity costs associated with mining digital assets as a tax.

The tax is intended to address what the White House has identified as the negative economic and environmental impacts of mining, including “local pollution, higher energy prices, and increased greenhouse gas emissions.”

But the proposal seems to be overlooking the significant proportion of renewable energy sources that are now powering bitcoin mining operations. According to recent research from the Bitcoin Mining Council, these sources contribute to more than half of the energy used by miners and are continuing to grow.

Critics are denouncing the newly announced DAME tax as yet another instance of government overreach and undue interference in the private sector. Some are characterizing the proposal as simply another attempt by the government to grab more tax revenue, disguised as an effort to address environmental issues.

Meanwhile, some associate this action with the government’s anti-bitcoin stance and believe the government does not like the idea of people being in control of their own money.

Although it is undeniable that mining activities do require significant amounts of energy, many argue that it is not the government’s role to dictate how businesses operate or to determine what constitutes an appropriate use of energy.

Critics contend that the government should not be penalizing innovative businesses for seeking technological progress and advancement. In the view of some, the DAME tax represents a clear attempt to impede innovation within the bitcoin mining industry and restrict its potential for economic growth.

Stay on top of Bitcoin
news, get weekly updates
in your inbox.

Recommended News

Mining
Mining
Sangha Renewables to Launch 20MW Solar Mining Farm in Texas
May 23, 2025
3 min read
By: Alex Lari
Mining
Mining
Bitcoin Mining Now Uses Over 50% Green Energy: Cambridge Study
Apr 30, 2025
3 min read
By: Alex Lari
Mining
Mining
Tether to Assign Its Bitcoin Mining Hash Power to OCEAN Pool
Apr 16, 2025
3 min read
By: Alex Lari
All News
Accelerating Adoption
News
  • Adoption
  • Legal
  • Markets
  • Mining
  • Opinion
  • Press Release
  • Learn
  • Sponsored
Company
  • About Us
  • Brand Assets
  • Newsletter
  • Services
  • Site Map
  • Terms & Privacy
Connect
  • Contact Us
  • Contribute
  • Services
  • Media Partner
  • RSS
  • Videos
Social Media
  • Twitter
  • YouTube
  • Telegram
  • LinkedIn
  • Instagram
  • Nostr
  • TikTok
  • Flipboard

© A Bitcoin-Focused Company | 256 Media, 2024

Language Switcher
Search
  • News
    • Adoption
    • Legal
    • Markets
    • Mining
    • Opinion
    • Press Release
    • Learn
    • Interviews
  • Services
  • Video
  • Events
  • News
    • Adoption
    • Interviews
    • Learn
    • Legal
    • Markets
    • Mining
    • Opinion
    • Press Release
  • About Us
  • Contact
  • Newsletter
Search

Popular Articles

Relai Partners With Casa to Offer Multisig: A New Way to Stack and Save
June 18, 2025 · 2 min
Fold CEO Will Reeves on Making Bitcoin Part of Everyday Life
June 18, 2025 · 8 min
Vinanz Raises £3.58 Million as Retail Investors Back Bitcoin Strategy
June 18, 2025 · 3 min
Metaplanet’s BTC Reserve Flips Coinbase, Reaching its 2025 Goal
June 17, 2025 · 3 min
Trump Media Gets SEC Approval for $2.3 Billion Bitcoin Treasury
June 16, 2025 · 2 min
Anthony Pompliano to Lead $750M Bitcoin Fund via SPAC Merger
June 15, 2025 · 2 min

Bitcoin Only
Newsletter

Get weekly news roundups direct to your inbox!