News Explorer — White House Defends Proposed 30% Tax on Crypto Miners

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White House Defends Proposed 30% Tax on Crypto Miners

The White House released a report on Tuesday proposing a 30% excise tax on cryptocurrency mining firms, citing environmental and social concerns. The proposed tax would require miners to pay a tax based on their electricity costs, and the White House estimates it could reduce the deficit by $74 million in the first year. The report also applies to both proof-of-work and proof-of-stake networks, and miners would be required to disclose their electricity use and source.