Such tax rate will effectively destroy the entire US crypto mining industry.
Only well managed Bitcoin mining firms will survive this tax increase. It is just a conscious attempt to choke the American mining industry and also a means to exploit them. Biden shouldn't use China as an example because the US is more democratic. American legislators are not rubber stamp like their Chinese counterparts. As we have seen senators like Senator Cynthia Lummis, and Robert F. Kennedy Jr have already began to oppose the proposal.
So, lets hear your thoughts on this and if your in the USA, which way will you vote in November ?
Do you think Donald Trump will be more friendly to Bitcoin miners? He has never been a fan of Bitcoin and might also consider the same policy if elected. Choosing between Biden and Trump is like the devil and the Deep Blue Sea. However Trump is an unapologetic racist and I don't like home for that, hence Biden will have my vote.