US proposes a 30% levy on electricity consumed by miners

The U.S. Treasury has advocated introducing an excise tax on mining companies amounting to 30% of the electricity their equipment consumes. This is stated in the department’s Зеленой книге.

The tax is planned to be phased in over the next three years, increasing by 10% each year. In addition, miners will be required to report how much electricity and capacity they use.

The new excise tax, as expected, is expected to reduce the overall number of mining devices in the United States.

“The tax on electricity consumption by digital-asset miners could reduce the scale of digital asset mining, as well as the environmental impact and other harm associated with it,” the document states.

The U.S. Treasury also proposes expanding the securities-lending rules to include cryptocurrencies.

Another provision concerns the Foreign Account Tax Compliance Act. The Green Book proposes that people with foreign financial accounts who hold cryptocurrencies worth at least $50,000 report these assets in their tax returns.

Among other things, the department is discussing the possibility of valuing digital assets at their market value.

Earlier, U.S. President Joe Biden unveiled the 2024 budget proposal, in which he proposed change the taxation of cryptocurrency operations. The president expects this to boost budget receipts from the industry to $24 billion and curb fictitious trades.