Biden proposes 30% excise tax on Bitcoin mining in 2025 budget

President Joe Biden has proposed a range of taxes and regulations related to cryptocurrency that could generate almost $10 billion next year and over $42 billion over the next decade, according to his proposed 2025 budget. The proposals include an excise tax on Bitcoin mining, with any firm using computing resources to mine digital assets subject to an excise tax equal to 30% of the costs of electricity used. The proposed tax would be introduced in three phases, starting at 10% in the first year and rising to 30% in the third year. Critics of the proposals include Republican Senator Cynthia Lummis, who tweeted that a 30% tax would destroy the mining industry's presence in the US.