White House defends proposed 30% tax on energy used by crypto miners.

The White House has released a report justifying its proposed 30% excise tax on cryptocurrency mining firms, citing the lack of "economic benefits" and the environmental impact of crypto mining. The tax would be based on associated electricity costs and would start at 10% in 2024, increasing each year until it reaches 30%. The tax applies equally to digital asset miners that earn income by validating transactions on proof-of-work networks like Bitcoin and proof-of-stake networks like Ethereum. The report estimates that crypto miners in the U.S. consumed around 50,000 gigawatt hours of electricity in 2022 between Bitcoin and Ethereum.