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In the wake of the cryptocurrency revolution, the mining industry has emerged as a crucial component of the blockchain ecosystem. However, the rapid growth of mining operations has drawn the attention of regulators and lawmakers worldwide. The development of cryptocurrency and other popular blockchain applications has captured the attention of energy and environmental policymakers, global economists, and renewables industry players. On May 28, a draft bill was unveiled by U.S. lawmakers, addressing the matter of raising the country’s debt ceiling. This bill had several provisions, one of which was the Digital Assets Mining Energy (DAME) excise tax. The DAME tax aimed to impose a 10% tax on crypto miners’ electricity expenses related to Bitcoin mining in the year 2024, with the intention to raise it to 30% in 2026.
Mark Zalan is the CEO of GoMining, a project dedicated to simplifying the onboarding process for…