"White House proposes 30% tax on energy used for crypto mining, Biden supports move"

The Biden Administration has proposed a new 30% tax on the electricity costs of cryptocurrency mining companies to hold them accountable for the amount of energy they consume. The Digital Asset Mining Energy (DAME) excise tax aims to combat the negative impact of crypto mining on the environment, which generates pollution that disproportionately affects low-income neighborhoods and communities of color. The tax increase is estimated to raise $3.5 billion in revenue over 10 years and would mean crypto mining firms couldn't just move from one locale to another to avoid increased fees.