Bitcoin miners can breathe a sight of relief as a plan by the White House to impose stiff taxes on the sector appears dead in the water following a larger deal between President Biden and senior Republicans to prevent the U.S. from defaulting on its debt.
The tax was initially floated by the White House in early May under a proposed law titled the Digital Assets Mining Energy excise act. Known as the DAME Act, the bill called for a 10% tax on the electricity used by bitcoin and other crypto miners beginning in 2024 with that figure rising to 30% by 2026.
