He is not looking to kill it, he is trying to impose the DAME tax, DAME means Digital Asset Mining Energy, and the idea is to start with this tax from 10%, then 20% in the next year and 30% on the 3rd year.
So, the plan isn't to ban the mining, but with those huge taxes, no one will want to mine there. Is not a good business. But i don't think congress will let that tax come to live, and if it does, they will stop it before the 3rd year, because other way people will start creating illegal farms.
Yep, the "asset industry" is not at all the mining industry. It is being, as usual, made into a partisan thing and all that crap. My guess is that the news might lower the price of electricity by less than 1% if any??
I think it is contrary to a good practice to selectively tax a certain use of energy - like for example taxing selectively the land for cattle (cows) because these are harmful for the environment (should I say to a greater extent than bitcoin?) or you could tax the energy used in producing diesel or gasoline cars for the same reason...but my favourite would be to tax the energy consumption of VISA and Mastercard, including the one used to take the employees to the office, etc...
https://www.eia.gov/todayinenergy/detail.php?id=61364#:~:text=The%20CBECI%20estimates%20that%20global,to%20have%20been%2027%2C400%20TWh.The CBECI estimates that global electricity usage associated with Bitcoin mining ranged from 67 TWh to 240 TWh in 2023, with a point estimate of 120 TWh. The International Energy Agency estimated global consumption of electricity during 2023 to have been 27,400 TWh.10 So, the CBECI estimates put electricity supporting Bitcoin mining in 2023 at about 0.2% to 0.9% of global demand for electricity
0.2% is quite a bit of energy to be honest.