The White House is pushing for a 30% tax on electricity used in crypto mining to minimize the industry’s environmental impact, which could drive mining companies offshore. However, venture capitalist and crypto personality Nic Carter argues that this tax could do more harm than good and drive miners to countries with higher carbon intensity for mining, such as China, Russia, Kazakhstan, Iran, Venezuela, and Malaysia. He believes that banning mining in the US would not reduce Bitcoin mining activities and would simply drive miners elsewhere.

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