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It’s the sort of thing they do in banking when they ask what a bank account is for.
Is there even that much crypto mining happening in the US anymore?
US mines more bitcoin than any other country. The big thing now is using natural gas from oil wells that are not connected to gas pipelines (it's not economical to connect them), so instead of flaring the gas off into the sky, they fuel a generator to power a bitcoin farm using essentially free electricity.
how do you know that? are there rankings somewhere? super curious
How would you even enforce this? I think crypto is a huge waste of electricity but this is not the answer.
Earlier quoted context omitted.
US mines more bitcoin than any other country. The big thing now is using natural gas from oil wells that are not connected to gas pipelines (it's not economical to connect them), so instead of flaring the gas off into the sky, they fuel a generator to power a bitcoin farm using essentially free electricity.
> US mines more bitcoin than any other country. how do you know that? are there rankings somewhere? super curious
Earlier quoted context omitted.
US mines more bitcoin than any other country. The big thing now is using natural gas from oil wells that are not connected to gas pipelines (it's not economical to connect them), so instead of flaring the gas off into the sky, they fuel a generator to power a bitcoin farm using essentially free electricity.
> US mines more bitcoin than any other country. how do you know that? are there rankings somewhere? super curious
Thanks for sharing this article! Do you think this proposed tax will significantly impact the profitability of crypto mining?
Spoiler: if they actually implement this and find a way to enforce it, the miners will just do it overseas.
Wow, taxed based on how you use your computer huh? Doesn't sounds very American to me. What's next, taxed for fuzz testing? Taxed for using inefficient programming languages? FWIW I do not support the crypto space either, but if they want to use a computer to run an infinite loop for the end of time that's their business. Perhaps spending more effort on improving the power grid and using more renewable resources woul…
You're taxed on how you're using energy. We're also taxed on how we use money. If we buy an electric car, we (used to) get a tax break.
You could see a tax break on energy used to charge an electric car, say.
Thanks for sharing this article! Do you think this proposed tax will significantly impact the profitability of crypto mining?
Spoiler: if they actually implement this and find a way to enforce it, the miners will just do it overseas.