'The proposed levy would add 30% to electricity costs for miners, which would be enough to turn their economics upside down and force them to leave these shores,' says nic__carter. Opinion.
. These regimes use Bitcoin mining for sanctions evasion, to turn their mineral wealth into cash. Attacking domestic miners in the U.S. hashrate simply means that other miners are more profitable on net, because their share of the pie is bigger.Supporting the state coffers of these direct adversaries should hardly be a goal of the Biden administration, but that’s what the DAME tax would do.
And if you look at the emissions profile of these alternative domiciles for miners, they are almost all characterized by a higher carbon intensity of generation than the U.S. American generation, in the aggregate, is 379 g/CO2e, versus 544 g/CO2e for China, 742 g/CO2e for Kazakhstan, 360g/CO2e for Russia, 623 g/CO2e for Indonesia, and 493 g/CO2e for Venezuela.
These numbers are only indicative, as in practice, mining in the U.S. is generally cleaner than the generic grid at the country level. There is considerable mining for instance in, which has copious amounts of wind and solar, for which there is insufficient transmission. Other hotspots of mining in the U.S. include hydro-powered mining in upstate New York, hydro in the Appalachians, natural gas/nuclear in Ohio and PA, and stranded flare gas in Wyoming, Montana, and the Dakotas. .
As for the purported “costs” imposed by Bitcoin miners on local communities, that argument is highly dubious. Bitcoin miners are just data-centers. They don’t produce pollutants or toxic waste. Generally, miners locate themselves out of the way in rural areas where electricity is cheap. Due to the laws of physics, electricity doesn’t travel well, so miners consuming energy in rural West Texas are not depriving someone in Dallas of power.
The net effect of the presence of Bitcoin miners on a modern grid is to cut off the tails of the price distribution: they scoop up cheap when no one is buying it – helping utilities better monetize – and they turn off when power is expensive, giving power back to households during grid scarcity events.
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