Nic Carter: Biden Crypto Mining Tax Counter-Productive

Also Read: PePe Coin Rally Ain’t Stopping Here; PEPE Bags Another Exchange Listing

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Earlier, CoinGape reported that the President’s Council of Economic Advisers (CEA) pointed to effects of crypto mining related high energy consumption. The Council is said to have mentioned in an upcoming report about the negative spillovers on environment, quality of life, and electricity grids.

Nic Carter Says Taxing Would Increase Emissions

Ventire capitalist and popular crypto figure Nic Carter argued that the Biden taxation move could actually be counter-productive to the environment. He added that jurisdictions like China, Russia, Kazakhstan, Iran, Venezuela and Malaysia have higher carbon intensity for Bitcoin mining related power generation.

“Banning mining in the U.S. won’t cause there to be less BTC mining. It will simply mean that mining occurs elsewhere. Other places with higher carbon intensity BTC mining.”

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It may also be recalled that billionaire Elon Musk said Tesla was staying away from Bitcoin due to the emissions release from electricity generated for Bitcoin mining.

Also Read: Bitcoin Price Gains, Stocks Market Falls After US Jobs Data

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