Digital Asset Mining Energy excise tax (DAME ) : Crypto mining will become costlier

 

Digital Asset Mining Energy (DAME ) excise tax

Crypto mining will become costlier

Will have to pay Electricity tax for mining

        The Government has a proposal of imposing a 30% tax on electricity used for crypto mining. Now onwards, the Crypto currency mining will become costlier. The Government has decided to impose the tax on electricity used for mining. This tax will be called as the DAME excise tax i.e. Digital Asset Mining Energy excise tax. This is very clear that the Cryptocurrency mining uses high electricity. According to the report in US the 34 large scale Bitcoin miners uses electricity same as that of three million households, it's that much tremendous. 

        The  government says that these miners don's pay the cost that they are liable for which includes the environmental pollution as well as the high energy prices. 

        If this proposed tax comes into implementation then gradually 10% of DAME excise tax will be charged for the first year, 20% in second year and 30% in third year. 

(Source : News on internet)