Michael Saylor and Senator Lummis send a hard-nosed response on 'double taxation'

Michael Saylor and Senator Lummis send a hard-nosed response on 'double taxation' originally appeared on TheStreet.

Strategy's Michael Saylor and U.S. Senator Cynthia Lummis (R-WY) are actively seeking reform to what Saylor calls the "unfair" double taxation of Bitcoin miners and stakers.

Lummis explained how the current tax regime creates a situation where miners suffer taxation twice for the same reward — once when they receive block rewards and again when they sell the rewards.

Bitcoin mining is the process of using computing power to solve cryptographic puzzles in order toverify transactions and secure the Bitcoin network.

Miners are taxed twice, once when they get new coins as a reward and again when they sell them.

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On X, Lummis wrote,

"For years, miners and stakers have been taxed TWICE. Once when they receive block rewards, and again when they sell it. It's time to stop this unfair tax treatment and ensure America is the world's Bitcoin and Crypto Superpower."

Soon after, Saylor jumped into the conversation, saying, "We must end unfair taxes on BTC miners if America is going to be the world's Bitcoin Superpower."

According to Cryptoquant, Bitcoin miners are earning the least they have in a year, but the majority still refuse to sell their coins. Miner income fell to $34 million on June 22, the lowest since April 20, as lower transaction fees and a lower Bitcoin price reduced revenues.

The slump is attributed to declining Ordinal inscription activity, which had previously raised fees throughout the quarter. The firm's Miner Profit/Loss Sustainability score now classifies miners as "extremely underpaid."

Michael Saylor and Senator Lummis send a hard-nosed response on 'double taxation' first appeared on TheStreet on Jun 30, 2025

This story was originally reported by TheStreet on Jun 30, 2025, where it first appeared.

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