Bitcoin Miners Add 20,000 BTC Worth $540 Million in Less than a Week
Earlier this year, President Joe Biden released his annual budget proposal outlining his policy priorities for the coming year. With respect to the digital asset industry, the proposal touched upon crypto mining. Specifically, Biden called for a 30% tax on all electricity used to mine Bitcoin and other cryptos. Right after that, the White House’s Council of Economic Advisers also backed the proposal. However, the U.S. debt ceiling agreement ended up dropping out the aforementioned mining tax. Specifically, Republican Congressman Warren Davidson took to Twitter to confirm that scraping off the tax was “one of the victories” of the new agreement. Well, miners were quite delighted with the development. They were in their capitulation mode all this while. In the initial few months of 2023, their reserve remained flat, while after that, it started declining. However, the tables have turned over the past few days. On May 27, the miners ’ had 1.826 million BTC in the reserve. H...