Biden Admin Seeks 30% Tax On Electricity Used For BTC Mining – May 3

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$28,417

Bitcoin price has kicked of Wednesday more or less where it started yesterday, in the mid-$28,000s, awaiting its next directional move.

Top-20 altcoins are mostly looking at small losses over the last 24 hours, as Ether remains unchanged, BNB falls 1% and XRP drops 2%.

Top Stories for May 3, 2022 🔥

👉 Biden Admin Seeks 30% Tax On Electricity Used For BTC Mining

The Biden administration has restated its plans for a 30% tax on the electricity costs of all digital asset mining in the US.

The move is intended to curb the negative environmental effects and potential energy price increases caused by proof-of-work mining, which is dominated by Bitcoin.

The proposed Digital Asset Mining Energy tax aims to reduce mining activity in the US and encourage crypto mining firms to consider the costs they impose on society in terms of pollution, higher energy prices and greenhouse gas emissions.

👉 “BRC-20” Token Transaction Volume Overtakes Standard Transactions On Bitcoin

The BRC-20 token standard is an experimental token standard on Bitcoin that allows programmers to create and send fungible tokens on the Bitcoin blockchain.

BRC-20 tokens have become popular in the crypto ecosystem, with over 8,500 tokens minted using the standard, including memecoins like PEPE and MEME. The BRC-20 standard doesn’t use smart contracts and requires a Bitcoin wallet to mint and trade tokens.

The market cap of BRC-20 tokens has exploded in the past month to $120 million, with transaction volume and fees also surging.

👉 Sui Mainnet Goes Live, Rivaling Facebook-Offshoot Aptos 

Sui, a layer 1 blockchain that recently launched its mainnet, struggled with speed and decentralization.

Despite boasting a $2 billion valuation and securing $300 million in VC funding pre-launch, Sui’s transaction speeds averaged around four transactions per second (4tps), compared to Aptos’ 9tps. The network has over 2,100 nodes across 43 countries, but they are primarily concentrated in Germany and the U.S.

Sui’s native token, SUI, became available to community members in an early sale for 3 cents per token, disappointing some community members who were hoping for an airdrop.