Speaking at the sidelines of the Bitcoin 2023 conference in Miami, the U.S.-based crypto mining firm Marathon Digital's CEO Fred Thiel has commented on U.S. President Joe Biden's plans to impose a tax on crypto mining. Thiel said a potential tax implementation would force mining firms to move their operations outside the U.S. and would not result in parallel with the expectations. - During the interview, Marathon Digital's CEO stated that a crypto mining tax would not pave the way for increased use and availability of renewable energy.
- Thiel also implied that the increased scrutiny is a result of the efforts to remove the crypto industry that is disintermediating the banking sector.
- The company executive underlined that the administration does not want to kill crypto but wants to make it very difficult for people to operate.
- The CEO added that Marathon Digital is already working on expanding its operations outside the U.S.
- Thiel's statements came nearly ten days after Marathon Digital partnered with digital assets infrastructure company Zero Two to launch a new large-scale, more sustainable mining operation in Abu Dhabi.
- The firm has also recently taken steps towards new initiatives in different parts of the world, including Paraguay.
- Marathon Digital is currently one of the largest publicly traded crypto mining firms by computing power, with its facilities across the U.S.
- Earlier in May, the White House published a blog post reiterating the U.S. government's plans to impose a 30% federal tax for electricity usage from all digital asset mining.
- President Biden's fiscal 2024 budget proposal, revealed in March, also suggested doubling the capital gains tax rate and banning crypto wash sales.
- Besides, Biden recently shared an infographic on Twitter, calling to remove tax loopholes, which only help wealthy crypto investors, to cause the government to save $18B.
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