The Council of Economic Advisers (CEA) of the White House has argued in a blog...
The CEA argues that currently, crypto mining firms do not pay the full cost of their negative effects, such as local environmental pollution, increased energy prices, and greenhouse gas emissions.
While other energy-intensive industries would not be subject to this tax, the CEA claims that crypto mining does not generate the same level of economic benefits associated with other businesses that use similar amounts of electricity.
One of the issues highlighted in the report was the potential economic impact of mining, including pollution and the cost to local communities.
The report stated that even mining firms using clean energy could increase the energy costs and usage of the surrounding community.
Congressional Republicans have been resisting attempts by regulators and the administration to penalize the crypto sector, and it is unclear whether the Republican-controlled House would support taxes aimed at punishing the industry.