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30% electricity tax for US cryptocurrency miner

The US government is proposing a tax of up to 30% on electricity costs used by cryptocurrency prospectors in an effort to reduce digital mining activity. This tax is applied to companies that use owned or leased (electricity) resources. The tax will be applied from December 31 at a rate of 10% in the first year and up to 30% in the third year.

There will be requirements for digitizer reports on the quantity, quality and value of electricity used. The United States Government considers that the huge energy consumption of digital mining operations has negative impacts on the environment and increased prices for those who share the network with these operations.

These proposals are part of next year’s United States budget plan, which aims to raise the revenue needed to cover government expenditures and fund government programmes.

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