U.S. President Biden proposed a 30% tax on electricity used for cryptocurrency mining in the fiscal year budget

According to ChainCatcher, as reported by Cointelegraph, U.S. President Biden has proposed a phased 30% tax on the electricity costs of cryptocurrency mining in his administration's budget for the fiscal year 2024. The U.S. Department of the Treasury released a supplemental budget explanatory document on March 9, stating that any company using resources (whether owned or leased) will "pay a consumption tax equal to 30% of the electricity costs used for digital asset mining."

The document suggests that the tax will be implemented for tax years after December 31, 2023, and will be phased in over three years at a rate of 10% per year, reaching a maximum of 30% by the third year. Crypto miners will be required to report "the amount and type of electricity used and the value of that electricity." Cryptocurrency miners who obtain off-grid power will still need to pay taxes and will need to estimate the electricity costs generated by any "power plants." (source link)