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Crypto Mining Stocks Rally As U.S. Debt Ceiling Deal Stalls 30% Bitcoin Mining Tax

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Ohio Republican Warren Davidson says withdrawal is ‘a significant victory,’ but plan for levy could eventually be reintroduced.

Crypto mining stocks rallied on Tuesday as President Joe Biden apparently agreed to withdraw his planned 30%“The current debt proposal does not include a digital asset mining energy tax,” Rep. Warren Davidson toldin a written statement. “We’ve spoken out to oppose this tax and I see this as a significant victory.”

Riot Platforms led gainers among the major mining stocks, rising 10%. Iris Energy, Hive Blockchain, Cleanspark, Hut 8 MIning and Marathon Digital Holdings were up 5.5% or more. Biden and House Speaker Kevin McCarthy reached a tentative deal to suspend the U.S. debt ceiling over the weekend, and Davidson confirmed that the agreement excludes administration’s plans to levy the tax.

“The primary goal of the DAME tax is to start having crypto miners pay their fair share of the costs imposed on local communities and the environment,” the White House said in a May 2shared on its website. The tax was estimated to raise $3.5 billion in revenue over 10 years. Even though the tax appears stalled for now, it doesn’t mean it couldn’t be floated again at some later date.

 

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