The United States is ceasing to be the paradise of cryptocurrencies. In addition to the movements of the SEC, it is now the Biden Administration that has shown its proposal. The main measure that affects Bitcoin is the so-called rate of up to 30% on the energy cost of mining.
Depending on the energy it costs to mine the cryptocurrency, United States will add a fee. Initially it will be 10%, but it will increase each year by another 10% until it reaches, after three years, the aforementioned 30%. The objective, as described by the US government, is to reduce the number of cryptocurrency mining machines in the country.
New York was the first state to opt to limit Bitcoin mining, due to its high energy inefficiency. Now this idea wants to move nationally.
“The increase in energy consumption attributable to the growth of digital asset mining has negative environmental effects and may have environmental justice implications, as well as increasing energy prices for those who share a power grid with digital asset miners.” , explains the Treasury Department document.
At the moment it is a proposal. Now must go through the House of Representatives and the Senatewhere it could meet with opposition.
In addition to the mining tax, the document opens the door to other proposals such as an extension of the securities lending rules, which would include digital assets.
The regulation of cryptocurrencies is presented as one of the issues that the Biden Administration will try to address during this term.
The intention is to start applying a rate of 10% as of December 31 of this year, reaching 30% from the third year. Bitcoin miners will be asked for an estimate of the energy consumed, in order to perform the calculation.
It is expected that the implementation of this fee will be accompanied by increased surveillance of those who illegally connect to the electricity grid.
