U.S. President Joe Biden is looking to impose an inflicting tax on crypto mining operations for the “harms they impose on society,” the White House’s Council of Economic Advisers (CEA) argued Tuesday in an online post. The administration’s blog entry made the case for a U.S. tax equal to 30% of a mining firm’s energy costs. While other energy-intensive industries wouldn’t be similarly burdened with the new tax. The Biden administration first proposed the excise tax in a March 9 document published by the U.S. Treasury Department. The tax could raise up to $3.5 billion in revenue over the next 10 years, the post said.
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