The new administration of US President Joe Biden has announced during its 2022 budget proposal an increase in the tax on cryptocurrency mining to 30%, due to the negative impact that mining has on the planet’s environment. Cryptocurrency mining consumes large amounts of electricity and fuel needed to operate it.
This decision is expected to affect many workers in the mining industry and could lead to a decrease in their profits, making it difficult for them to continue working.
However, some experts believe that this decision will encourage taking steps to improve the efficiency of mining operations and make them more environmentally sustainable. This may lead to adopting more modern technologies and more effective processes in the future of the mining industry.
Although this decision may cause concern for some cryptocurrency users, the US government seeks to introduce changes aimed at increasing awareness of the negative effects of the mining process and supporting the transformation of the mining industry into a more environmentally sustainable form.