Cryptocurrency owners accused the US President of destroying the bitcoin cryptocurrency

Joe Biden’s administration has introduced a controversial proposal to tax bitcoin and other cryptocurrencies for miners who use powerful computers to secure cryptocurrency networks and verify transactions. «Any firm that uses computing resources, whether owned or leased from others, to mine digital assets will be subject to an excise tax of 30% on the value of the electricity used to mine digital assets,» the US Treasury Department’s revenue proposal for 2025 states. «The implementation of an across-the-board 30% federal tax on digital mining would definitely kill the sector and wipe out billions of dollars of investment value in the US almost immediately,» Taras Kulik, CEO of SunnySide Digital, a mining equipment company, told DL News in an interview. The Digital Asset Mining Electricity Tax (Dame), first proposed a year ago, would impose a 30% excise tax on bitcoin and altcoin miners' electricity costs. Analysts are convinced that this will force miners to flee the country, as they did from China in 2021. It is believed that bitcoin miners use as much electricity every year as some small countries. After their move from China, most of the world’s bitcoin mining now takes place in the United States. «The proposed 30 percent penalty tax on digital asset mining would destroy any foothold this industry has in America ,» Wyoming Republican Senator Cynthia Lummis, who supports bitcoin and cryptocurrencies, wrote in X.