Biden Unveils $6.9 Trillion Budget Proposal: Treasury Proposes 30% Excise Tax on Power Costs for Crypto Mining Facilities

U.S. President Biden announced a $6.9 trillion budget proposal. The Treasury Department proposed a 30% consumption tax on the power supply costs of encrypted mining facilities. Companies will also be required to report how much electricity they use and what type of electricity they use. The tax will be phased in over the next three years, with annual increases of 10%.