US Senator: Biden's proposal to tax cryptocurrency mining by 30% on energy consumption will not pass.

BlockBeats reported on May 27th that Cynthia Lummis, a US senator, expressed during a discussion on cryptocurrency mining with Perianne Boring, the founder of the Chamber of Digital Commerce, at the Bitcoin Miami conference that Biden's proposal to tax cryptocurrency mining electricity consumption by 30% would not be passed. This is because the bill fundamentally makes US Bitcoin mining companies unprofitable, forcing them to go overseas, as miners can mine anywhere. Previously, according to a "budget supplement" issued by the US Treasury on March 9th, any company that uses resources, including self-owned resources and leased resources, will be subject to a consumption tax equivalent to "30% of the electricity cost used in digital asset mining". The proposal suggests implementing new tax rules after December 31st, phased in at a rate of 10% per year over three years, with a maximum tax rate of 30% in the third year. At the same time, cryptocurrency miners will be required to report "the amount of electricity used, type, and value."