proof-of-work

ChainCatcher news, the New York State Assembly introduced Bill A9138 on Friday, which is the companion legislation to Senate Bill S8518, aimed at imposing a tiered consumption tax based on electricity consumption on proof-of-work cryptocurrency mining operations.According to the bill, mining operations with an annual electricity consumption exceeding 2.25 million kilowatt-hours will face taxation, with rates ranging from 2 cents to 5 cents per kilowatt-hour. The revenue from this tax will be used to fund energy affordability programs in New York State, providing support for low- and moderate-income households. Mining facilities that operate completely on renewable energy and are off-grid will be exempt from this tax. If the bill is passed, it will take effect on January 1, 2027.

ChainCatcher news, according to BTCTN, Jan3 CEO Samson Mow has issued a warning regarding the cryptocurrency reserve plan proposed by Trump, pointing out that if the plan includes random altcoins, it could lead to chaos.Mow stated that if the reserve plan recklessly mixes various cryptocurrencies such as XRP, SOL, ADA, and ETH, it could reduce it to a purely speculative game. He is particularly concerned about the risk of market manipulation, believing that if Trump can choose any cryptocurrency at will, it would create opportunities for lobbyists and insiders.Mow indicated that a real strategy should prioritize proof-of-work assets like BTC, LTC, and XMR. He warned that if Trump's cryptocurrency reserve goes off track, it could push the United States towards "unprecedented degradation."

ChainCatcher News, the U.S. House of Representatives submitted the "H.Res.238" resolution to the Energy and Commerce Committee, the Foreign Affairs Committee, the Financial Services Committee, and the Science, Space, and Technology Committee, expressing the House's view on the importance of proof-of-work mining of certain cryptocurrencies, such as Bitcoin, to the ability of the United States to achieve its energy goals and develop its economy.The House stated that proof-of-work mining can help energy development become a key pillar of growth for the U.S. economy, infrastructure, and national security; digital asset proof-of-work mining can promote energy development in collaboration with the energy sector, generating explosive innovation growth and enhancing U.S. energy independence; digital asset proof-of-work mining is an important component of the U.S. achieving energy independence and sustained national security capabilities; the United States should invest in the digital asset industry to promote sustainable job growth and innovative development, etc. (Source link)