So weird seeing such a positive feedback here as opposed to ISPs attempts to break net neutrality when it's exactly the same thing. When you purchase services or commodities, price either should depend on what you're using them for, or it shouldn't.
White House proposes 30 percent tax on electricity used for crypto mining
41–50 of 97 posts
Re: White House proposes 30 percent tax on electricity used for crypto mining
#42All this does is move HQ. There is a reason most US cargo ships sail under a foreign flag like liberia
Sounds like a win-win. Bitcoin mining farms are contributing nothing to the region where they operate. People will be happy if they packed up and left and drained someone else's energy supply.
Re: White House proposes 30 percent tax on electricity used for crypto mining
#43It's a smart idea. Who is going to have sympathy for crypto miners? As a citizen, would you rather a Watt of power go to driving an industrial facility, heating a home, or making a Shibacoin? For most it's a very easy calculus. Either they pay up, in which case there's a new revenue stream, or they don't, in which case energy prices will go down due to the lowering of demand. A win for the general public and an easy…
Heating a home and mining crypto don't have to be mutually exclusive!
Re: White House proposes 30 percent tax on electricity used for crypto mining
#44I’d be happier with a 99% tax on crypto mining, however I don’t see how this could enforced.
At present, there are companies in negotiation with various landowners to set up mining rigs on otherwise-disused natural gas wells.
The wells are too far off the beaten path to be economical to run (some gas sources aren't revenus-positive when you factor in transportation), but building out a small crypto-mining shack next to the well and a small refiner and generator is pretty straightforward, and bits can be transported at a fraction of the cost of gas molecules.
That sort of thing would be trivial to tax with this system, because if you're going to build one of these rigs you have to maintain paperwork with the state to open the well (and if you don't, the EPA does independent monitoring and will eventually say "Hey, what's this huge plume of heated exhaust showing up on infrared coming from this farmer's back-acre?").
Re: White House proposes 30 percent tax on electricity used for crypto mining
#45Earlier quoted context omitted.
Spoiler: if they actually implement this and find a way to enforce it, the miners will just do it overseas.
That's probably a net benefit for the USA. The same people will still accrue the benefits of mining, but without stressing domestic infrastructure.
I'm not a fan of Proof of Work mining now that a robust Proof of Stake consensus algorithm is fully operational in Ethereum, but if the Bitcoin mining operations stay in the US, their revenue will go toward funding the expansion of domestic infrastructure. It's clearly in US interests to keep mining domestic.
Re: White House proposes 30 percent tax on electricity used for crypto mining
#46What is the difference between computing crypto and something like Prime95 to discover new prime numbers?
The former is relevant, the latter is not.
Re: White House proposes 30 percent tax on electricity used for crypto mining
#47Thanks 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.
Good.
Let them waste someone else's energy. USA is energy-constrained as it is, we don't need miners coming here wasting electricity for their insane project.
Re: White House proposes 30 percent tax on electricity used for crypto mining
#48Is 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.
30% of free isn't a lot of tax.
Re: White House proposes 30 percent tax on electricity used for crypto mining
#49What is the difference between computing crypto and something like Prime95 to discover new prime numbers?
People using Prime95 aren't buying $Hundred-Million of electricity from the Texas Energy Grid during the snowstorm when everyone else was literally freezing and dying in their homes. The amount of electricity these miners are pulling is insane, and is beginning to affect their neighbors. Its about time we stopped putting up with it.
If there isn't enough electricity to go around it makes sense to do something about it. It seems like the issue is about electricity distribution rather than the use of the electricity. If it is the scale that is the problem then other seemingly unimportant industries using a ton of electricity in a time of crises should maybe also be limited.
Re: White House proposes 30 percent tax on electricity used for crypto mining
#50Earlier quoted context omitted.
If red hasn't come up in a while on a roulette table, is it a smart move to bet on red?
It's about 50-50 (minus 0 and double 00) regardless
I'm saying that any knowledge you think might tip the scales in one direction is inconsequential. You will lose money or gain money depending on the will of those with the most stake. It is never a "smart move" to invest in crypto. It is gambling.
Maybe get a lady friend to blow on your mouse before you click buy.