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Episode 243:
Biden administration proposes 30% crypto mining tax, closing wash-trading loopholes
https://finance.yahoo.com/news/biden-administration-proposes-30-crypto-061124428.html
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24 Comments
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Crypto Mining Ecourse is Live!
https://sonofatech.com/
They go hard on taxes so that when they are revised they retain some sense of the taxation. If they started low, there would be a complete failure of taxation. Support the crypto lobby! What this is is a way to recover the money for Democrats that they printed ruthlessly for the pandemic. The energy consumption has already been debunked but they will cling to the narrative to pass the tax regardless of facts. Its the Democrats way of Legislation!
Also to this … i love how they say that mining energy consumption negatively effects the electrical grid … BUT if you have an offgrid solar setup …they will still charge you 30% …… LMFAO….. because THAT MAKES TOTAL SENSE WWOOOOOOOWWWWW 🙄. This has our "favorite" anti crypto government official written all over it……
Sounds like US is starting to over tax their citizens to fill their holes.
Fuck Joe biden he really is the biggest prick that's ever ran America! Well after bush that is and before you ask … Yes I mean both jr and Sr!!
They got what they voted for. They want you to be poor and own nothing
Well this is even more incentive to move to solar 100% or send the rigs to another country (like El Salvador that is one of the most Bitcoin friendly) and give the benefits to those crypto currency friendly places only and forget the US!!
Anyone that is going to shill out and sell out
Are 🤡
Never back down to government
History shows that the government will only become more bold and drill you and your family Harder for showing weakness
"Not your power source, not your electricity."
Even if they pass this Mining Tax, most crypto mining farms worth their processing power will be running off of off-grid power generated on-site anyway which will make that tax moot, since 30% of $0 spent per year on electricity equals $0 in taxes owed. 🤣
I'm sorry I haven't been around much lately. Hope all is well. Turned my rigs off at the merge and have been a sad boi ever since.
Love the energy in this video. This makes me angry too.
Democrats. Voting to take your stuff from you.
Yet Amazon is building out aws facilities that make mining look like a spec of dust. But no one is out raged about aws.
More US gov prepping to roll out their own CBDC
You're freaking out when you should be erecting large wind turbines and fields of solar panels. That is the way to survive this
Vote Republican!
It's not weird at all when you remember that everything they do is for control, and whatever they can't control they will try to kill.
I pay my electric in full every month. Why do I have to pay an additional tax because I may mine crypto?
and that more than what God wants from us in giving a tithe 10% ! like our Gov is taking more that God would is not right! not that much geez! gov wants 30%! instead of at less 10 to 15 % be ok! ? maybe lower!
I've been watching crypto videos for the last 3-4 weeks. The information is so all over the place I am unable to get started. I was just going to set up some GPU miners running Windows 10 or Hive OS linked up to a wallet tied to a EIN instead of SSN, and cannot find the information. Now with this 30% taxation and inability to write off losses, it sounds like the government does not want us to successfully do this and is trying to block all efforts. Looks like I'm finished before I can even get started.
come to indonesia 0% mining tax and low elecrity cost you can just live nomad in bali :p
Of course it does because the man is lost lol. Mining is going away anyway roflol, when will we be able to remove this dinosaur. I hate crypto and know it is nothing but this is ridiculous. If you want to screw with nothing that is your right.
Yes, Vote them Out
Does America currently have any tax on mining?
Here in Australia it basically counts towards your full year tax bill, but I can claim all my expenses also like deprecation of gpu’s, electricity, hosting and building of cooling systems. If I had no claims it’d be taxed at my current tax bracket of 37.5% regardless of if I had actually sold the crypto after I have mined it