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On 2 May 2023, the White House Council of Economic Advisors released a proposal on Digital Asset Mining Energy (DAME) excise tax, following its inclusion in the FY2024 Biden Administration's budget proposal in March 2023. The proposal provided further details and justifications for the tax, which would be imposed on cryptocurrency mining companies to internalise the negative impacts on the environment, quality of life of local communities, and the pressure on local electricity grids. The tax would be set at 10% and incrementally increased by 10% annually over the next three years until it reaches 30%.
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