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Search Results for: crypto mining

U.S President Proposes 30% Tax on Crypto Mining Power in 2025 Budget

In his proposed budget for the year 2025, Joe Biden, the president of the United States, has brought back the concept of a 30% tax on the power used by cryptocurrency miners. As stated in the U.S. Department of the Treasury paper “General Explanations of the Administration’s Fiscal Year 2025

March 12, 2024 2 mins read

Uzbekistan Cracks Down on Crypto Mining With New Licensing Framework

With the approval of a framework for licensing crypto mining activities by the country’s crypto market regulator, crypto mining in Uzbekistan is about to undergo significant change. The National Agency for Perspective Projects (NAPP) in Uzbekistan has issued a rule requiring licensing for crypto mining operations. Thus restricting crypto mining

October 4, 2023 1 min read

Kyrgyzstan To Build Crypto Mining Farms; President Approves!

In Kyrgyzstan, the crypto mining farm will be built for $20 million, says President Sadyr Japarov with a nod. As per the reports of July 27, the Hydroelectric Power Plant under the government of Kyrgyzstan will be built.  Back in 2010, the Kambar-Ata-2 was launched that lost 6.8B KiloWatt-Hours (kWh)

July 28, 2023 1 min read

Crypto Mining Firm Phoenix Technology Contemplates IPO in UAE

Cryptocurrency mining gear supplier and mining facility operator Phoenix Technology is contemplating an IPO as per a Bloomberg report. The article claims that preliminary discussions have been in place for an IPO for Phoenix in Abu Dhabi. The UAE-based firm signed a $650 million contract for mining rigs in 2021,

July 28, 2023 1 min read

GRC Introduces HashRaQ® MAX to Enhance the Performance, Profitability, and Sustainability of Crypto Mining Operations

The HashRaQ® MAX is a powerful, reliable, and efficient cooling system for crypto mining operations, minimizing CapEx, OpEx, and carbon footprint while maximizing density, uptime, and profitability. AUSTIN, Texas–(BUSINESS WIRE)–GRC (Green Revolution Cooling), the global leader in single-phase immersion cooling for data centers, today announced its newest offering for blockchain

June 1, 2023 3 mins read

Biden’s Proposed Crypto Mining Tax Blocked in Debt Ceiling Agreement

It became clear on Sunday that the Digital Asset Mining Energy (DAME) excise tax proposed by the Biden administration was blocked as part of the agreement between President Joe Biden and House Speaker Kevin McCarthy on the U.S. debt ceiling. The Biden administration justified the proposed 30% tax on crypto

May 29, 2023 1 min read

Montana Passes Pro-Crypto Mining Bill “Right To Mine” Into Law

Montana Governor Greg Gianforte has signed a pro-cryptocurrency mining bill, S.B. 178, into law. The bill largely prevents local governments in Montana from passing laws that prohibit cryptocurrency mining. It enshrines crypto miners’ rights in the state by revising existing laws to prohibit discriminatory electrical rates for mining firms and

May 5, 2023 2 mins read

Biden Proposes Tax on Crypto Mining To Address the Environmental Impact

In a budget proposal for the fiscal year 2024, US President Joe Biden suggested a new tax on cryptocurrency mining. Companies involved in crypto mining—the process of mining new cryptocurrencies by solving complex cryptographic problems and verifying transactions—will be subject to the Digital Asset Mining Energy (DAME) excise tax. 30%

May 4, 2023 2 mins read

30% Tax on Electricity Utilized for Crypto Mining Proposed by White House

The White House has formally suggested a 30% tariff on power used for crypto mining. The tax is a key part of the Biden Administration’s proposed budget for FY 2024. The administration’s tax strategy was outlined in a blog post on the White House website. Digital Asset Mining Energy (DAME)

May 3, 2023 1 min read

Right to Mine: Montana Paves a Way for Crypto Mining Hub in US

Recent reports on Twitter have announced that Montana has legalized cryptocurrency mining within the state. In February of this year, the Montana Senate House passed the “Right to Mine” Bitcoin (BTC) bill with an impressive vote of 37-13. Also, this bill grants citizens of Montana the right to own and

April 13, 2023 2 mins read