Cryptocurrencies boomed during the pandemic, as many people worked from home and looked for things to do with their extra time (and make some money on the side). As a result, Bitcoin and Ethereum reached all-time highs in late 2021 before dropping significantly in 2022.
Now, the Biden administration is looking to curb any financial benefits companies gain by imposing a new tax on electricity used for cryptomining. According to the administration, cryptomining operations have an outsized impact on energy consumption in the United States.
