Brazil Considers Zero Tax for Crypto Miners

Bitcoin mining has been widely criticized for the amount of energy it requires and the effect it can have on the environment. Recently there has been a push to use renewable energy sources to reduce its carbon footprint. Some of these efforts include using volcanic energy in El Salvador, using the natural gas surplus in Texas, and even using the heat from cryptocurrency miners to warm homes. As the world looks for a cleaner way to make Bitcoin, Brazil is looking to further incentivize green miners in its country.

Multiple proposals were put forward to Brazil’s congress to make green mining tax-free. This would be a huge incentive for green miners to move their operations to Brazil. Another proposal put forward would also remove any taxes on importing mining equipment into the country. None of these proposals have passed, but they have had support from the members of Brazil’s congress. 

China was once the leader in Bitcoin mining until it banned cryptocurrency. Since then mining has increased around the world as equipment left China and has been implemented elsewhere. The United States is currently the largest of the Bitcoin miners with over 35% of the total hash rate. Meanwhile, Brazil has struggled to gain momentum and currently has only 49%. These new proposals could help Brazil improve its stake while also generating revenue for the country.

This is not the first of the crypto-friendly regulation that has been put forth in Brazil’s congress. Recently it was rumored that Brazil would become the next country to make Bitcoin a legal tender. Many speculate this initiative was delayed because of the lack of Bitcoin hash rate, and these proposals would enhance their control over the network.

Things are looking very bullish for Bitcoin in Brazil. The proposals put forward seem to be friendly to cryptocurrency and could help bring more world adoption. Brazil is a very large economy, increasing awareness and holders in the country is only a good thing for crypto enthusiasts. It will be difficult not to get too excited too early as these proposals have still yet to be passed or voted on.

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Written by Tudor

Works as a developer and helps keeps the digital cogs turning. Leave them alone, they're busy.

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