- Per Senator Lummis, a 30% tax on Bitcoin mining could push the industry outside the country.
- She cited the Laffer Curve to warn of reduced tax revenues from increased mining taxes.
On the 23rd of July, Senator Cynthia Lummis published a report challenging the Biden administration’s suggested 30% excise tax on the energy used by Bitcoin [BTC] miners.
Highlighting its potential negative impact, Lummis’s report titled “Powering Down Progress: Why A Bitcoin Mining Tax Hurts America,” noted,
“This move endangers America’s hard-won leadership position and the future of Bitcoin mining in America.”
Senator Lummis argued that the proposed 30% excise tax on BTC mining energy could disrupt America’s rapidly growing Bitcoin mining sector.
For context, following China’s 2021 ban on BTC mining, the U.S. capitalized on the opportunity. The States attracted significant investments and talent, leveraging its strong energy market and legal framework.
As a result, many major Bitcoin mining operations are now based in the U.S.
Crypto mining not a threat: Lummis
Lummis warned that this new tax could drive the industry overseas, suggesting that the Treasury’s rationale for the tax reflects outdated perspectives on energy consumption and technological progress.
“The U.S. is now estimated to account for more than 35% of the global BTC “hashrate,” a measure of the computing power dedicated to mining.”
That being said, Lummis referenced the Bitcoin Energy and Emissions Sustainability Tracker to argue that BTC mining is more environmentally friendly than often perceived.
According to the tracker, as much as 52.6% of Bitcoin mining could be conducted with minimal or zero emissions.
Source: Batcoinz
She further added,
“The administration’s proposal claims that Bitcoin mining creates “risks” with local utilities on their grid operations. However, it provides no support for these claims. To the contrary, empirical evidence shows Bitcoin mining strengthens America’s energy grids.”
The Laffer Curve analysis
In her report’s conclusion, Lummis highlighted the principles of the Laffer Curve, which illustrated how higher tax rates could lead to lower overall tax revenues by discouraging economic activity.
Source: Senator Cynthia Lummis report
Reiterating the same, Lummins, aptly summarized the situation with her comment when she said,
“If America fails to create a supportive and stable environment for Bitcoin mining, we risk squandering the advantages we currently enjoy and may find ourselves playing catch-up in a race we once had every opportunity to lead.”
- Per Senator Lummis, a 30% tax on Bitcoin mining could push the industry outside the country.
- She cited the Laffer Curve to warn of reduced tax revenues from increased mining taxes.
On the 23rd of July, Senator Cynthia Lummis published a report challenging the Biden administration’s suggested 30% excise tax on the energy used by Bitcoin [BTC] miners.
Highlighting its potential negative impact, Lummis’s report titled “Powering Down Progress: Why A Bitcoin Mining Tax Hurts America,” noted,
“This move endangers America’s hard-won leadership position and the future of Bitcoin mining in America.”
Senator Lummis argued that the proposed 30% excise tax on BTC mining energy could disrupt America’s rapidly growing Bitcoin mining sector.
For context, following China’s 2021 ban on BTC mining, the U.S. capitalized on the opportunity. The States attracted significant investments and talent, leveraging its strong energy market and legal framework.
As a result, many major Bitcoin mining operations are now based in the U.S.
Crypto mining not a threat: Lummis
Lummis warned that this new tax could drive the industry overseas, suggesting that the Treasury’s rationale for the tax reflects outdated perspectives on energy consumption and technological progress.
“The U.S. is now estimated to account for more than 35% of the global BTC “hashrate,” a measure of the computing power dedicated to mining.”
That being said, Lummis referenced the Bitcoin Energy and Emissions Sustainability Tracker to argue that BTC mining is more environmentally friendly than often perceived.
According to the tracker, as much as 52.6% of Bitcoin mining could be conducted with minimal or zero emissions.
Source: Batcoinz
She further added,
“The administration’s proposal claims that Bitcoin mining creates “risks” with local utilities on their grid operations. However, it provides no support for these claims. To the contrary, empirical evidence shows Bitcoin mining strengthens America’s energy grids.”
The Laffer Curve analysis
In her report’s conclusion, Lummis highlighted the principles of the Laffer Curve, which illustrated how higher tax rates could lead to lower overall tax revenues by discouraging economic activity.
Source: Senator Cynthia Lummis report
Reiterating the same, Lummins, aptly summarized the situation with her comment when she said,
“If America fails to create a supportive and stable environment for Bitcoin mining, we risk squandering the advantages we currently enjoy and may find ourselves playing catch-up in a race we once had every opportunity to lead.”
can you get cheap clomid without a prescription how can i get cheap clomid tablets where to get generic clomiphene without prescription where to buy generic clomiphene buy cheap clomiphene price how to get clomid without prescription can i buy generic clomid
This website really has all of the low-down and facts I needed to this thesis and didn’t comprehend who to ask.
Thanks an eye to sharing. It’s outstrip quality.
buy zithromax cheap – metronidazole generic metronidazole uk
buy rybelsus 14 mg generic – buy semaglutide 14mg pills order cyproheptadine generic
motilium 10mg without prescription – buy cyclobenzaprine 15mg generic order flexeril generic
buy inderal pill – how to get plavix without a prescription buy methotrexate cheap
amoxicillin oral – generic amoxicillin purchase ipratropium online cheap
order amoxiclav sale – atbioinfo ampicillin over the counter
esomeprazole cost – https://anexamate.com/ esomeprazole usa
brand coumadin 2mg – https://coumamide.com/ hyzaar over the counter
meloxicam 7.5mg canada – relieve pain mobic oral
order deltasone 20mg online cheap – arthritis deltasone 20mg tablet
ed pills where to buy – fastedtotake.com ed pills
cheap amoxicillin pills – combamoxi.com amoxicillin online
tadalafil (exilar-sava healthcare) version of cialis] (rx) lowest price – ciltad gn order cialis online no prescription reviews
cialis once a day – strong tadafl cheap cialis canada
viagra sale pakistan – buy cheap viagra online canada viagra 50 mg pill
I’ll certainly carry back to read more. online
Thanks recompense sharing. It’s outstrip quality. https://buyfastonl.com/
The thoroughness in this break down is noteworthy. https://ursxdol.com/ventolin-albuterol/
This website positively has all of the bumf and facts I needed to this participant and didn’t identify who to ask. https://prohnrg.com/
I’ll certainly bring to be familiar with more. https://aranitidine.com/fr/levitra_francaise/
I’ll certainly bring to read more. https://ondactone.com/spironolactone/
Thanks on putting this up. It’s okay done.
buy generic topamax 200mg
More posts like this would add up to the online time more useful. http://www.orlandogamers.org/forum/member.php?action=profile&uid=28880
buy dapagliflozin 10 mg without prescription – cost forxiga 10 mg generic dapagliflozin