The 2024 fiscal year budget proposal by United States President Joe Biden's administration includes a proposal for a 30% tax on electricity costs related to cryptocurrency mining, which would be phased in gradually.

According to a supplementary budget explainer paper released by the Department of the Treasury on March 9th, "any firm using computing resources, whether owned by the firm or leased from others, to mine digital asset would be subject to an excise tax equal to 30 percent of the costs of electricity used in digital asset mining".

"The computational effort involved in mining can be substantial and can therefore require a correspondingly large amount of energy. The increase in energy consumption attributable to the growth of digital asset mining has negative environmental effects and can have environmental justice implications as well as increase energy prices for those that share an electricity grid with digital asset miners. Digital asset mining also creates uncertainty and risks to local utilities and communities, as mining activity is highly variable and highly mobile." The treasure department explains why they made the change.

"An excise tax on electricity usage by digital asset miners could reduce mining activity along with its associated environmental impacts and other harms." the paper added.