Fred Thiel, CEO of Marathon Digital, one of the largest cryptocurrency mining companies in the USA and the world, said that the tax system that the Biden government wants to bring to miners will not work and companies can flee outside the USA. Thiel also stated that they have been researching some places outside the USA for a while.
Joe Biden's government, which reopened the issue of taxation of up to 30 percent according to the amount of electricity consumed by Bitcoin and cryptocurrency miners, has received an objection from Marathon, one of the largest mining companies in the USA.
In an exclusive interview with The Block, Marathon Digital CEO Fred Thiel stated that if such a law becomes official, companies will go out of the country and the government will be deprived of its current taxes:
“Bitcoin miners immediately leave the country. And that's what they're trying to do right now… We're also doing research. Taxing on electricity consumed does not mean providing more renewable energy. If you want to set up a solar or wind farm right now, there's a two-year waiting period to even get it hooked up. In addition, Bitcoin miners also provide incentives for people on renewable energy. Therefore, there is already a serious crowd here…”
“The bankers don't want us because…”
Stating that banking institutions and power plant companies do not want cryptocurrency miners, the CEO said:
“Banking institutions don't want us because miners don't need brokerages. It also doesn't want power plants. Because the need for them is dwindling in Texas right now. If mining facilities close today, the need for these gas and coal-fired power plants will increase again.”
