23.06.202613:55 Forex Analysis & Reviews: US miners fear punitive tax regime

A coalition of the largest crypto industry organizations — the Blockchain Association, the Crypto Council for Innovation, and the Digital Chamber — sent a joint letter to the tax committee of the US House of Representatives urging lawmakers to adopt the Tax Clarity Act for mining and staking in the form it was introduced, without amendments.

The letter is signed by organizations representing the largest exchanges and platforms in the industry. The grievance with current law is straightforward: the US tax code still does not reflect how miners and stakers create and interact with digital assets. Under existing rules, mining and staking rewards are taxed at the moment of receipt—meaning an investor pays tax on income that has not yet been realized through sale. The industry has for years pushed for the opposite approach: taxation at the point of sale, not at the point of creation.

The proposed bill resolves the issue in two ways. First, it moves taxation of mining and staking rewards to the moment of asset sale. Second, it creates a voluntary election: taxpayers may choose whether to be taxed at receipt or at realization. For miners, who already operate under severe pressure—with Bitcoin trading below the average production cost of about $78,000 for five months and roughly 20 percent of miners running at a loss—tax clarity is critical. Paying tax on income that does not exist as realized profit, while simultaneously operating at an operational loss, would be a double hit to business viability.

However, as many specialists note, the bill's path through Congress will not be straightforward. The draft has not yet passed through the tax committee and may be amended—which the industry fears—and it is insisting on passage without changes.

Trading recommendations:

A technical picture for Bitcoin suggests that buyers are targeting a return to $62,800, which would open a direct path to $64,300 and then to $66,000; a break above $66,000 would signal attempts to restore a bull market. On the downside, buyers expect support at $61,200. A move below that level could quickly take BTC toward $59,600, with a further target at $58,200.

As for Ethereum, a clear hold above $1,686 would open a direct route to $1,752. The farther target is the high near $1,838; a break above that level would indicate strengthening bullish sentiment and renewed buyer interest. On the downside, buyers expect support at $1,615. A decline below that level could rapidly send ETH toward $1,557, with a deeper target at $1,496.

What we see on the chart:

- Red lines indicate support and resistance levels where either a price slowdown or active growth is expected;

- Green lines indicate the 50-day moving average;

- Blue lines indicate the 100-day moving average;

- Light green lines indicate the 200-day moving average.

A crossover, or a price test of moving averages, typically either halts the move or sparks fresh market momentum.