Marathon: There Will Be an Outflow of Miners Due to Tax Increases in US

Fred Thiel, CEO of Marathon Digital, has stated that the proposed tax on crypto-currency mining, which President Joe Biden plans to impose in order to limit its environmental impact, will push the industry towards offshore jurisdictions.

Thiel has stated that rather than promoting renewable energy, the new regulations will shrink its production.

He has brought attention to the fact that it typically takes two years to connect a solar or wind farm to the power grid, and it is miners who encourage people to put in this work.

Thiel has also mentioned that his company is met with various challenges from banks and gas-power plant operators, who feel their business is being threatened by the mining in Texas, which replaces their “flexible capacity”.