Biden Proposes Controversial 30% Crypto Mining Electricity Tax

Biden administration has revived proposal for 30% tax on bitcoin and crypto miners' electricity costs. This could "kill" crypto mining sector in U.S. and "wipe out billions of dollars of investor value."

Tax would force miners to flee U.S. like they did from China's crackdown. U.S. now one of world's biggest destinations for bitcoin miners.

Tax seen as "punitive" and would "destroy any foothold the industry has in America."

Some see budget as bullish for crypto - expects tax revenue from crypto in future.

Tax could undermine innovation in blockchain technology and digital assets in the U.S.