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%
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)
This year, the price of Bitcoin (BTC), the largest cryptocurrency in the world by market cap, has surged more than 73%. The Bitcoin price rally resulted from the ongoing banking crisis and macroeconomic concerns in the US. Also, the upcoming Federal Open Market Committee (FOMC) meeting is expected to have
In the year 2023, banking has become very difficult. It all started with the failure of many major financial institutions, including Silvergate Bank, Signature Bank, and Silicon Valley Bank. The US government seized First Republic Bank earlier this week, and trading in the bank’s shares was temporarily stopped. The First
Bitcoin (BTC) rebounds to its 16-month-high on the Greed Index. Significantly, the optimistic BTC traders facilitated a 16% surge in the fear and greed index — from 55 to 64 — in the past 24 hours. This largest cryptocurrency displayed a 2.25% spike, surpassing the $28,600 level. After a short
Balaji Srinivasan, the former CTO of Coinbase, revealed that he settled a notable Bitcoin bet made in March by contributing $1.5 million of his own money. When Srinivasan initially made his $1 million bet public in March, he claimed that because the world economy is about to experience an enormous
Job opportunities in the United States dropped by 9.6 million in March, according to data from the Bureau of Labor Statistics, below market forecasts of 9.775 million. Due to increasing interest rates, job openings have dropped to their lowest level since April 2021. Bitcoin’s price shows continued volatility, as it
MicroStrategy, the enterprise analytics platform disclosed its financial results for the first quarter of 2023. The company stated that its net income for the first quarter was $461.2 million, or $31.79 per diluted share. Comparatively, it reported a net loss of $130.8 million in the first quarter of 2022. MicroStrategy
First Republic Bank (NYSE: FRC) is being acquired by JPMorgan Chase & Co (JPM.N) after extensive efforts by U.S. authorities to save the bank failed. The FRC will be seized by financial authorities in advance of the sale. However, Citizens Financial Group Inc (CFG.N) and PNC Financial Services Group (PNC.N)
Bitfarms, a Bitcoin mining business located in Canada, said on Monday that it has once again met the standards to be listed on the Nasdaq. Bitfarms, a Bitcoin mining company listed on the Toronto Stock Exchange and the Nasdaq, will see a boost to its share price as a result.
