The U.S. Treasury Department has proposed a 30% excise tax on the cost of powering crypto mining facilities.
A provision in the department’s “Greenbook,” its list of tax proposals and explanations for the U.S. President’s budget proposal, would create a phased-in excise tax based on the costs of the electricity used in crypto mining, imposed on the companies “using computing resources” to mine cryptocurrencies.
These companies would also be required to report how much electricity they use and what type of power was tapped. The tax would be phased in over the next three years, increasing 10% each year.