Le Posts: 14 · Reputation: 515
So Biden's plan is to slap a 30% tax on the electricity used in Bitcoin mining. Honestly, mining was already a struggle for many, and this is just gonna complicate things. What’s everyone think this means for miners?
T Posts: 269 · Reputation: 260
Will this tax even attract new miners? Like, how does an extra cost help? Hashpower could take a hit, right?
Pa Posts: 28 · Reputation: 24
Before this tax, tons of miners were already struggling. What are the older mining companies saying about this? This could be a real blow.
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Profitability for mining seems tied to seasons and other factors. But will this tax apply to miners outside the U.S. too?
Lu Posts: 142 · Reputation: 58
Honestly, nothing changes internationally. Miners won't just stop because of a U.S. tax. The mining scene is global. Think about it.
Ca Posts: 558 · Reputation: 784
I think this could make mining more centralized among big corps who can handle their own power plants. That’s just the way it is in the U.S.
Ma Posts: 24 · Reputation: 1656
Trump taxed imports and I felt that. Slowed my expansion for sure. I gotta read this tax bill to see if it’ll hit my mining hard.
Ma Posts: 99 · Reputation: 24
30% tax is crazy! Companies will probably relocate to dodge it. BTC is decentralized, so this might make it stronger in the long run.
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Yup, seems like a lot might just pack up and leave or pay up until regulation goes full “BAN CRYPTO MINING”. Who knows what’s next.
R Posts: 20 · Reputation: 18
#10 Dec 15, 2024, 03:33 PM Kazakhstan is still friendly for crypto mining... but how long will that last? Taxes are creeping up everywhere.
Ma Posts: 99 · Reputation: 24
#11 Dec 17, 2024, 02:31 PM I feel like 30% on Bitcoin is a disaster waiting to happen. This could wipe out mining as we know it.
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#12 Dec 17, 2024, 05:33 PM The IRS already has a grip on transactions. Would this tax change anything? Who wants to deal with that hassle?
K Posts: 6 · Reputation: 59
#13 Dec 17, 2024, 08:30 PM +1 to this. Moving mining overseas seems like the simplest answer.
T Posts: 36 · Reputation: 8
#14 Dec 17, 2024, 08:36 PM I knew a guy who used solar to mine. Wonder what he’s gonna do about this tax. It’s tough to run on just solar unless he’s hooked up to the grid.
Ja Posts: 328 · Reputation: 622
#15 Dec 19, 2024, 04:22 PM 30% of what? Total power bill? If you mine with your own energy, then you might dodge the tax, right?
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#16 Dec 19, 2024, 04:56 PM We’ve got some power setups too, but if this tax goes through, we’re gonna have to cut back. No way around it.
Ma Posts: 99 · Reputation: 24
#17 Dec 19, 2024, 09:13 PM These politicians want a cut from miners but bail out banks when they’re in trouble. Makes no sense!
A Posts: 86 · Reputation: 118
#18 Dec 19, 2024, 10:02 PM Feels like double taxation here. We’re already paying for electricity. Just another way for them to squeeze money.
Lu Posts: 142 · Reputation: 58
#19 Dec 20, 2024, 01:06 AM But the U.S. is where the big money is for mining. No other place has the same resources. That’s why many miners stay.
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#20 Dec 20, 2024, 05:38 AM This bill's unlikely to pass. Just my two cents, but it seems too extreme to be real.