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Biden’s Assault on Cryptocurrency: Proposed 30% Tax on Bitcoin Mining would Stifle Growth

ByAlki David

May 9, 2023

The cryptocurrency industry is a rapidly growing sector of the American economy, with multitrillion-dollar potential. However, President Joe Biden’s recent proposal to tax bitcoin mining at a staggering 30% threatens its growth.

Bitcoin mining is the complicated digital process through which new bitcoins are created. However, this process requires a significant amount of energy, leading the White House to claim that taxing miners will force them to pay for the environmental pollution they impose on others, namely carbon emissions caused by high energy consumption.

But this proposal is impractical and ill-advised. Taxing miners at such a high rate would stifle growth and innovation in the cryptocurrency industry. Not to mention, it would likely drive miners to other countries with more favorable tax policies, resulting in less revenue for the U.S.

Moreover, cryptocurrency’s role in the American economy is still largely uncharted territory. Instead of taxing bitcoin mining so heavily, the government should be working with industry leaders to come up with practical solutions that encourage growth while also considering the environmental impact of mining operations.

Biden’s proposal is a shortsighted attempt to tax an industry that he and his administration do not understand fully. Rather than discourage growth and innovation, the government should approach the cryptocurrency sector with an open mind and a willingness to work collaboratively with industry leaders.

The cryptocurrency industry has the potential to become an integral part of the American economy, and as it continues to grow, it will be essential for the government to prioritize innovation and industry growth over heavy-handed regulation and taxation.

By Alki David

Alki David — Publisher, Media Architect, SIN Network Creator - live, direct-to-public communication, media infrastructure, accountability journalism, and independent distribution. Born in Lagos, Nigeria; educated in the United Kingdom and Switzerland; attended the Royal College of Art. Early internet broadcaster — participated in real-time public coverage during the 1997 Mars landing era using experimental online transmission from Beverly Hills. Founder of FilmOn, one of the earliest global internet television networks offering live and on-demand broadcasting outside legacy gatekeepers. Publisher of SHOCKYA — reporting since 2010 on systemic corruption inside the entertainment business and its expansion into law, finance, and regulation. Creator of the SIN Network (ShockYA Integrated Network), a federated media and civic-information infrastructure spanning investigative journalism, live TV, documentary, and court-record reporting. Lived and worked for over 40 years inside global media hubs including Malibu, Beverly Hills, London, Hong Kong and Gstaad. Early encounter with Julian Assange during the first Hologram USA operations proved a formative turning point — exposing the realities of lawfare, information suppression, and concentrated media power. Principal complainant and driving force behind what court filings describe as the largest consolidated media–legal accountability action on record, now before the Eastern Caribbean Supreme Court. Relocated to Antigua & Barbuda and entered sustained legal, civic, and informational confrontation over media power, safeguarding, and accountability at Commonwealth scale.