President Biden proposes


gamer Bitcoin beside power plant

For a long time, cryptocurrency was bad news for PC gamers since “mining hardware” centred on high-end consumer graphics cards caused a severe shortage of GPUs. The environmental effects of crypto mining are exacerbated by the fact that huge amounts of energy are used in the production of digital money. After years of inaction on the part of the United States government, Vice President Joe Biden has proposed a hefty tax on the use of electricity in cryptocurrency mining.

Biden proposed his plan to Congress straight out in the open today. The DAME Act, which stands for the Digital Asset Mining Energy Excise Tax, seems like something Sam Spade might write if he decided to give up being a private investigator and instead run for the Senate. DAME’s result would be a massive 30% tax on the energy used for cryptocurrency mining due to the environmental impact of electrical energy generation and higher energy expenses for everyone.

In addition to these well-known drawbacks, the proposal notes that “cryptomining does not generate the regional and national economic benefits normally associated with organisations using comparable quantities of electrical energy.” “Instead, the energy is put towards producing digital possessions whose wider social benefits are still in the future at best.” In a statement on the official White House website, the administration acknowledges that by 2022, cryptocurrency mining would consume third-most electricity behind televisions and lights. According to some estimates, global bitcoin energy output might reach 240 terawatt-hours each year. This is about equivalent to the amount of electricity used by the whole country of Australia in a single year.

Author: Michael Crider, Staff Writer

author photo Michael Crider 1635298804 1

Formerly a graphic artist, Michael has been working on and tinkering with his home computer for more years than he wants to admit. He likes salsa verde, sports, science fiction, and folk music, albeit not necessarily in that order.

Leave a Reply

Your email address will not be published. Required fields are marked *