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How would you even enforce this? I think crypto is a huge waste of electricity but this is not the answer.
by lockhouse 3y ago
How would you even enforce this? I think crypto is a huge waste of electricity but this is not the answer.
- Imnimo 3y agoI don't understand why this would be difficult to enforce? It's a tax on companies that are doing crypto mining, not on an individual running mining on their personal machine.
- lockhouse 3y agoSo would they tax all the electricity that company uses or just the electricity used for mining? The article isn’t very clear on the specifics.
- paxys 3y agoThe company has to declare it themselves. They can lie, but they can also get audited and caught. This is how all taxes work.
- lockhouse 3y agoOh the honor system, we tried that with all the COVID money that we threw around and people bought Corvettes with it. This is just a terrible, unenforceable idea. Say they do get audited, how do you prove how much electricity they used to mine crypto? Unless that company wires a meter directly to the circuit that powers their mining rigs, it will be a total guess.
- Imnimo 3y agoHow do you think any other taxes are enforced?
- dragontamer 3y agoWell, when someone opens up a Data-center in Texas or New York and buys a whole bunch of Antminers for BTC mining, I think it will be pretty darn obvious what's going on.