• Biden administration proposed a 30% tax on crypto miners to address climate change.
• Council of Economic Advisers (CEA) states that miners increase energy costs and operate with impunity while contributing to local pollution and greenhouse gas emissions.
• The proposed Digital Asset Mining Energy (DAME) tax is meant to address the environmental and social consequences of crypto mining.
Biden’s Bold Move: White House Wants Crypto Miners to Pay 30% Climate Change Tax
Proposed Digital Asset Mining Energy (DAME) Tax
The Biden administration has proposed a 30% tax on crypto miners in order to address climate change. The Council of Economic Advisers (CEA), an agency within the U.S. Executive Office of the President, claims that cryptocurrency miners harm society by contributing to increased local pollution and greenhouse gas emissions, while operating with impunity and increasing energy costs. To redress these harmful environmental and social consequences of crypto mining, they have suggested a new Digital Asset Mining Energy (DAME) tax.
Negative Spillovers on Environment, Quality of Life and Electricity Grids
The CEA argued that cryptominers’ high-energy consumption has negative spillovers on the environment, quality of life, and electricity grids where these firms locate across the country. They believe this DAME tax would be an effective way for cryptocurrency miners to pay for the societal damage caused by their operations.
Gemini Launches Derivative Platform in 30 Countries
In other news related to the industry, Gemini has launched a derivative platform in 30 countries around the world. This was previously only available in five jurisdictions but now customers from more countries will be able access their services including futures contracts based on Bitcoin, Ethereum and other altcoins as well as options trading for Bitcoin and Ethereum based derivatives products such as call options or put options.
Balaji Srinivasan Doubles Down on His $1M Bitcoin Bet
Balaji Srinivasan recently doubled down his $1M Bitcoin bet as an answer to the banking crisis showing confidence in cryptocurrencies’ future potential during challenging times like these when banks are struggling due to economic downturns caused by pandemics or recessions alike. He believes it is time for people all around the world to look into digital assets as alternative forms of income or investments instead of relying solely on traditional banking systems which might not always be reliable or profitable enough during hard times like these when every penny counts more than ever before .