United States of America: Proposed phased-in Digital Asset Mining Energy Excise Tax

On 9 March 2023, US President Joseph Biden unveiled his Budget Proposal for 2024. One of the proposals is a phased-in Digital Asset Mining Energy Excise Tax based on the electricity used in powering crypto-mining facilities. Companies involved in such activities would have to report on how much electricity was used, and what kind of energy was tapped, or the value of electricity used. The tax would begin at 10% and incrementally increase by 10% annually over the next 3 years, until it reaches 30%.