As Trump's "Big Beautiful Bill" sparks intense debate in Congress, Senator Cynthia Lummis has proposed an amendment aimed at reducing taxes for cryptocurrency miners. Reports indicate that the White House supports her efforts. However, this massive budget reconciliation bill covers various areas including tax policy, social issues, and AI regulations, increasing its complexity, and it remains uncertain whether Lummis's tax reduction proposal will succeed.

The Tax Dilemma for Cryptocurrency Miners

Currently, cryptocurrency miners are facing multiple challenges. The global hash rate has dropped to its lowest point in eight months, geopolitical factors have led to turmoil in the industry, and many companies have been forced to exit the market. Senator Lummis pointed out that cryptocurrency miners have long faced unfair tax treatment, particularly the issue of double taxation. In a social media post on June 30, 2025, she stated, "For years, miners and mints have been taxed twice. It’s time to stop this unfair tax treatment and ensure that the U.S. becomes the superpower of Bitcoin and cryptocurrency in the world." To this end, she hopes to push for tax reform through the "Big Beautiful Bill" to eliminate double taxation on U.S. miners when they receive or sell block rewards.

"Big Beautiful Bill": Opportunities and Challenges

The "Big Beautiful Bill" has passed in the House of Representatives, and the Senate is working on a viable version. The bill's broad scope makes it a focal point for various interest group negotiations, with backroom deals and amendment proposals emerging continuously. Lummis sees an opportunity to incorporate tax reform into the bill, and her proposal has received support from the White House, especially since she is a staunch ally of Trump. However, the complexity of the bill also brings risks. Some anti-cryptocurrency and anti-renewable energy amendments could negatively impact miners. For example, one proposal suggests eliminating green energy incentives, which are a crucial pillar for the cryptocurrency mining industry.

Additionally, the bill faces other resistance. Prominent cryptocurrency advocate Elon Musk has publicly opposed the "Big Beautiful Bill," and several anti-cryptocurrency senators are pushing their own amendments. White House Press Secretary Caroline Levitt mentioned in a recent press conference that Trump is dissatisfied with Federal Reserve Chairman Jerome Powell's performance, indicating that the president's attention may be diverted to other priorities, and Lummis's proposal may not become a focal point.

Uncertain Future: A Critical Moment for the Cryptocurrency Industry

It remains to be seen whether Lummis's tax reduction proposal will survive in the negotiations surrounding the "Big Beautiful Bill." The final version of the bill could either support the cryptocurrency industry or harm it due to the passage of anti-cryptocurrency amendments. Currently, cryptocurrency miners are at a low point in the industry, and tax reform is crucial for their future. However, the complexity of the "Big Beautiful Bill" and the various negotiations make the outcome difficult to predict.

Conclusion

Senator Lummis's efforts bring hope to cryptocurrency miners, but the ultimate direction of the "Big Beautiful Bill" remains unclear. BeInCrypto adheres to the "Trust Project" guidelines and is committed to providing fair and transparent reporting. Readers are advised to independently verify information and consult professionals before making any decisions to fully understand the associated risks and opportunities.

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