TechFlow reported, citing Jinshi News, that U.S. Representative Warren Davidson of Ohio stated the Biden administration's proposal to impose a 30% tax on Bitcoin mining has been shelved in Sunday's debt ceiling agreement. The White House had hoped this tax would address the environmental costs associated with Bitcoin mining, though it may seek alternative means to reintroduce the measure in upcoming legislation.
The White House has previously expressed strong views that cryptocurrency mining carries environmental and social costs.
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