/cdn.vox-cdn.com/uploads/chorus_asset/file/23962442/acastro_STK067__03.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24247717/lp_logo_3.0.jpg){kind=logo}
/cdn.vox-cdn.com/uploads/chorus_asset/file/24016885/STK093_Google_04.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24808816/Starfield__The_Settled_Systems___Supra_Et_Ultra_____Starfield__The_Settled_Systems___Su)
[ad_1]
Bitcoin-friendly Republican Senator Cynthia Lummis doesn’t think the Biden administration’s proposed 30% excise tax on bitcoin miners is unlikely to make it through the House.
On stage at Bitcoin Miami 2023, the politician remained supportive of miners, noting that the spread of the industry across the United States is a matter of national security.
Mining: Dirty or Clean?
during InterviewLummis spoke about the excise tax with Perianne Boring, a member of the crypto advocacy group Chamber of Digital Commerce.
Boring explained that the companies in his membership, which represent 50% of bitcoin’s hash rate, were “incredibly concerned” that they would not be able to operate in the United States if the tax was passed.
Lummis responded with reassurance for bitcoiners.
“It’s not going to happen,” she said. “It is absolutely critical that the development of this technology, as well as bitcoin mining, take place in the United States.”
Biden’s excise tax was quietly City: In his 2024 budget plan, that also included new regulations targeting crypto wash trading and capital gains. Earlier this month, the President’s Council of Economic Advisers issued Advice to face consequences due to “local environmental pollution,” and “higher energy prices” to get Congress to approve the tax.
Contrary to his claims, Lummis believes that bitcoin mining is a net boon to the environment and energy grid, rather than a detriment. In his home state of Wyoming, he explained that it is already being used by miners as an economic alternative to extracting waste methane from oil and gas wells, thereby preventing methane gas from escaping into the atmosphere. Could
“Bitcoin can actually be beneficial for stabilizing a grid,” he said, “because there can be efforts to mine bitcoin when[energy]use is low, and then mining when energy use is high.” To reduce it.”
miner can mine anywhere
Bitcoin miners engaged in similar stabilization efforts with the Texas grid in July 2022 in which miners halted their operations when requested For energy conservation for homes by regulators.
However, the Texas House of Representatives is currently weighing a proposal to cap the number of miners who can join the Demand Response Program – which financially compensates miners for the time they spend offline.
By the fourth quarter of 2022, the global bitcoin mining industry had a green energy mix of 58.9%, according to a survey by the Bitcoin Mining Council.
Should federal and state-level efforts ultimately succeed in discouraging mining in the U.S., Lummis is still not concerned about the industry’s global survival.
“Miners can mine anywhere,” she said, referring to the inexpensive Norway-based hydroelectric mining operations, “There are jurisdictions all over the world that are friends… and foes when it comes to bitcoin mining.”
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
[ad_1]
Bitcoin-friendly Republican Senator Cynthia Lummis doesn’t think the Biden administration’s proposed 30% excise tax on bitcoin miners is unlikely to make it through the House.
On stage at Bitcoin Miami 2023, the politician remained supportive of miners, noting that the spread of the industry across the United States is a matter of national security.
Mining: Dirty or Clean?
during InterviewLummis spoke about the excise tax with Perianne Boring, a member of the crypto advocacy group Chamber of Digital Commerce.
Boring explained that the companies in his membership, which represent 50% of bitcoin’s hash rate, were “incredibly concerned” that they would not be able to operate in the United States if the tax was passed.
Lummis responded with reassurance for bitcoiners.
“It’s not going to happen,” she said. “It is absolutely critical that the development of this technology, as well as bitcoin mining, take place in the United States.”
Biden’s excise tax was quietly City: In his 2024 budget plan, that also included new regulations targeting crypto wash trading and capital gains. Earlier this month, the President’s Council of Economic Advisers issued Advice to face consequences due to “local environmental pollution,” and “higher energy prices” to get Congress to approve the tax.
Contrary to his claims, Lummis believes that bitcoin mining is a net boon to the environment and energy grid, rather than a detriment. In his home state of Wyoming, he explained that it is already being used by miners as an economic alternative to extracting waste methane from oil and gas wells, thereby preventing methane gas from escaping into the atmosphere. Could
“Bitcoin can actually be beneficial for stabilizing a grid,” he said, “because there can be efforts to mine bitcoin when[energy]use is low, and then mining when energy use is high.” To reduce it.”
miner can mine anywhere
Bitcoin miners engaged in similar stabilization efforts with the Texas grid in July 2022 in which miners halted their operations when requested For energy conservation for homes by regulators.
However, the Texas House of Representatives is currently weighing a proposal to cap the number of miners who can join the Demand Response Program – which financially compensates miners for the time they spend offline.
By the fourth quarter of 2022, the global bitcoin mining industry had a green energy mix of 58.9%, according to a survey by the Bitcoin Mining Council.
Should federal and state-level efforts ultimately succeed in discouraging mining in the U.S., Lummis is still not concerned about the industry’s global survival.
“Miners can mine anywhere,” she said, referring to the inexpensive Norway-based hydroelectric mining operations, “There are jurisdictions all over the world that are friends… and foes when it comes to bitcoin mining.”
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
