{"id":75324,"date":"2023-03-10T11:26:36","date_gmt":"2023-03-10T09:26:36","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=75324"},"modified":"2025-09-10T10:57:29","modified_gmt":"2025-09-10T07:57:29","slug":"us-proposes-a-30-levy-on-electricity-consumed-by-miners","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/us-proposes-a-30-levy-on-electricity-consumed-by-miners\/","title":{"rendered":"US proposes a 30% levy on electricity consumed by miners"},"content":{"rendered":"<p>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&#8217;s <a href=\"https:\/\/home.treasury.gov\/system\/files\/131\/General-Explanations-FY2024.pdf\">\u0417\u0435\u043b\u0435\u043d\u043e\u0439 \u043a\u043d\u0438\u0433\u0435<\/a>.<\/p>\n<p>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.<\/p>\n<p>The new excise tax, as expected, is expected to reduce the overall number of mining devices in the United States.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe 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,\u201d the document states.<\/p>\n<\/blockquote>\n<p>The U.S. Treasury also proposes expanding the securities-lending rules to include cryptocurrencies.<\/p>\n<p>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.<\/p>\n<p>Among other things, the department is discussing the possibility of valuing digital assets at their market value.<\/p>\n<p>Earlier, U.S. President Joe Biden unveiled the 2024 budget proposal, in which he proposed <a href=\"https:\/\/forklog.com\/en\/news\/media-biden-proposes-to-raise-24bn-in-taxes-from-crypto-investors\">change the taxation of cryptocurrency operations<\/a>. The president expects this to boost budget receipts from the industry to $24 billion and curb fictitious trades.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Treasury has advocated introducing an excise tax on mining companies amounting to 30% of the electricity their equipment consumes.<\/p>\n","protected":false},"author":1,"featured_media":75325,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,36,558,1490],"class_list":["post-75324","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-regulation","tag-taxes","tag-us-treasury"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/75324","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=75324"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/75324\/revisions"}],"predecessor-version":[{"id":75326,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/75324\/revisions\/75326"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/75325"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=75324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=75324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=75324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}