Biden administration proposes 30% electricity tax on crypto mining farms!

[thewayne]

This is interesting. Crypto currency, in general, is a Ponzi scheme. Bitcoin's biggest uses are criminal, which tells you a lot about it. And overall it's incredibly energy-intensive to generate crypto. I put that caveat there as Etherium did a modification to their code that greatly reduces power consumption. But overall, the point stands.

There's a crypto operation in New York State that bought an old coal-fired power plant for the sole purpose of powering crypto mining rigs!!! And it's hard to regulate its pollution because it is technically no longer a power plant in that it is not generating power for the grid. It was shut down because it was too expensive to remediate its emissions. China made crypto mining and transacting completely illegal, lots of those rigs ended up in Texas and other states in the USA that have inexpensive power.

The tax would be phased in by 10% jumps annually over the next three years.

https://www.engadget.com/white-house-proposes-30-percent-tax-on-electricity-used-for-crypto-mining-090342986.html

https://hardware.slashdot.org/story/23/05/05/2237206/white-house-proposes-30-tax-on-electricity-used-for-crypto-mining

Comments

[dewline]

Excellent.

[disneydream06]

Bitcoin's biggest uses are criminal
Seriously?
Tax Away. :)
Hugs, Jon

[thewayne]

Yep. Drugs and paying ransomware demands. 

[disneydream06]

UGH!!!!!!!!!!!!!!!!!!!!!!!

[silveradept]

Stick it to them while they're still trying to make us believe they're the wave of the future, and to recoup costs from all the damage they're doing. And maybe, just maybe, use it to hasten the demise of the cryptocurrency scheme entirely. That would be fantastic.

[thewayne]

There is absolutely no social benefit to crypto, it needs to die in a fire.