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30% Mining Tax, Adoption in other Countries, and Bitcoin over Nostr - Week 35

30% Mining Tax, Adoption in other Countries, and Bitcoin over Nostr - Week 35

May 03, 2023

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News

Bhutan is Mining Bitcoin

The Bhutan Druk Holding and Investments (DHI) company has confirmed that it’s mining digital assets.

The company, owned by the Bhutanese government, has stated that it began mining digital assets in 2020 as part of its efforts to diversify its revenue streams.

The move by DHI reflects a growing trend of government-backed entities exploring the potential of cryptocurrency mining and investment. On top of this news, there have also been rumors that Russia is purchasing miners in a big way.

Biden Admin Proposes 30% Tax on Bitcoin Mining.

President Biden has proposed a new tax on cryptocurrency mining as part of his climate change agenda. The tax would require miners to pay a 30% tax on profits generated from mining, with the revenue being used to support clean energy initiatives. The proposal is part of a wider plan to reduce the US's carbon footprint and transition to renewable energy sources.

The proposal is still subject to review and approval by Congress before it can be implemented.

Samson Mow in Mexico

Samson Mow, Chief Strategy Officer of Blockstream, visited the Mexican Senate to discuss the adoption of Bitcoin in the country.

This comes after his involvement in the successful adoption of Bitcoin as legal tender in El Salvador and the Bitcoin Volcano Bond, which raised funds for the country's infrastructure.

Mow spoke about the potential benefits of Bitcoin adoption, such as increased financial inclusion and economic growth, and highlighted the technology's role in enhancing transparency and security in financial systems. This visit marks another step forward in the global adoption of Bitcoin and showcases the increasing interest from governments in exploring the potential of cryptocurrency.

Price

Bitcoin's price has been relatively stable lately, showing little movement in either direction. While some people may find this frustrating, others see it as an opportunity to accumulate Bitcoin at a lower price. Despite the lack of volatility, the overall sentiment towards Bitcoin remains positive, with increasing institutional adoption and mainstream acceptance.