In the US additional tax levies for crypto miners are again being considered. This is the result of a budget plan that the U.S. government has presented for the coming year.

Specifically, it involves the introduction of a 30 percent excise tax on crypto mining based on energy demand, according to a official declaration (page 80) from Washington.

The tax rate would be staggered: 10 percent from 2025, 20 percent from 2026 and eventually 30 percent from 2027.

Companies must report the amount and type of electricity used.

On the one hand, the White House justifies the taxation with environmental concerns. On the other hand, mining could endanger the electricity supply of smaller communities and municipalities.

The plans, however, are not new. The Biden administration had already announced a similar measure last year. However, the plan was canceled by Congress.

The proposal has led to led indignation in the Bitcoin community. Some are even talking about a "de facto ban" that could drive Bitcoin mining companies out of the country.

Combined with the upcoming halving, an additional burden on mining companies seems conceivable.

In addition to the proposed mining tax, the U.S. government also wants to end tax subsidies for crypto investors.

These could currently take advantage of a loophole in the tax code, where a cryptocurrency is first sold at a loss one day to reduce the tax burden and then bought back the next day.

Washington wants to eliminate this favorable treatment by including cryptocurrencies in the abuse provisions of the U.S. tax code, just like stocks or other securities.

The White House expects these measures alone to generate about US$10 billion in additional tax revenue in fiscal year 2025. By 2034, about US$42 billion is predicted to be collected.

However, the proposal must first pass through Congress to make the rule changes binding.