California Democrat Wants To Tax Energy Consumption from Bitcoin Mining

regulationsIs anyone surprised that a California Democrat Wants To Tax Energy Consumption from Bitcoin Mining?

Bitcoin transactions require an enormous amount of energy. Dutch bank ING estimates that a single transaction consumes enough electricity to power a home for weeks. The expensive and energy-consuming verification process of transactions, otherwise known as mining, is meant to deter crime and fraud. Because Bitcoin and other cryptocurrencies rose to prominence in 2017, research claims the total energy consumption from last year was more than the annual usage of 159 countries.

And all that power usage — and its effect on the environment — is catching attention on Capitol Hill. In an interview with Business Insider, California Rep. Ro Khanna said that Bitcoin mining should be regulated in the same fashion as proposed carbon taxes.

“You could have environmental regulations of what could be used or a tax on the use of the mines that are going into the bitcoin, so that if they have externalities that they’re causing the environment, that they have to pay a tax on that,” he said.

If we’re going to do that shouldn’t we regulate and tax the energy consumption of these billion-dollar media corporations that repeat the same stupid left-wing driven drivel hour after hour?

Of course not. That’s an in-kind contribution to the Democrat party and their progressive propaganda ministry. But Democrat Ro Khanna, who represents part of Silicon Valley did say that,

“I think more broadly we need much more regulation, whether it’s against fraud, whether it’s against environmental harms, whether it’s against the use of bitcoin to foster terrorism,” he said. “We need to have much more regulation there and we need to see all the regulations that have come from last hundreds of years for the banks.”

Regulation for all my slaves!

Steve on GAL

Steve is a New Hampshire resident, blogger, and activist. A member of the 603 Alliance, NHCMP, NHRVC, LFGC, and the host of GrokTALK! Please Note: My opinions are my own and not those of my Family, employers, politicians, campaigns, or other contributors or commenters at GraniteGrok