{"id":79011,"date":"2023-05-19T14:55:32","date_gmt":"2023-05-19T11:55:32","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=79011"},"modified":"2025-09-11T08:34:34","modified_gmt":"2025-09-11T05:34:34","slug":"marathon-ceo-forecasts-exodus-of-miners-amid-rising-us-taxes","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/marathon-ceo-forecasts-exodus-of-miners-amid-rising-us-taxes\/","title":{"rendered":"Marathon CEO forecasts exodus of miners amid rising US taxes"},"content":{"rendered":"

The proposed crypto-mining tax by the Biden administration will push the industry offshore. The Block<\/a> reports, citing Marathon Digital CEO Fred Thiel.<\/p>\n

The tax aims to curb the mining sector’s impact on climate change. However Thiel argues that it will not lead to more available renewable energy; on the contrary, it will reduce it.<\/p>\n

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\u201cInstalling a solar farm or wind farm takes about two years. It is Bitcoin miners who provide the economic incentive for these people to operate,\u201d he said.<\/p>\n<\/blockquote>\n

Thiel also said Marathon Digital faces a range of obstacles to its operations from banks and from operators of gas-fired power plants.<\/p>\n

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\u201cMining in Texas eliminates the need for peaking capacity, which hurts their business,\u201d he explained.<\/p>\n<\/blockquote>\n

Thiel contends that there is a broader initiative within the Biden administration aimed at the crypto markets that, even if it does not kill Bitcoin, will significantly impede people\u2019s ability to operate.<\/p>\n

Marathon Digital, for its part, is weighing options to expand outside the United States. Earlier this month the company announced a project to build mining farms in Abu Dhabi<\/a>. It is also studying opportunities in other jurisdictions, including Paraguay.<\/p>\n

Thiel expressed hope for consolidation in the mining sector after a prolonged period of stress in the market.<\/p>\n

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\u201cWe have lived through the worst periods of crypto winter. I think, with the rise in Bitcoin\u2019s price, people are more optimistic,\u201d he added.<\/p>\n<\/blockquote>\n

Earlier in May the Biden administration proposed a 30% tax on electricity<\/a> used in cryptocurrency mining.<\/p>\n

The 2024 fiscal year budget also proposes changes to the taxation of cryptocurrency transactions<\/a>. Officials estimate this would raise industry revenues to $24 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"

The proposed Biden administration crypto-mining tax would push the industry offshore, says Marathon Digital CEO Fred Thiel.<\/p>\n","protected":false},"author":1,"featured_media":79012,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,1185,1138,558,26],"class_list":["post-79011","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-marathon-digital-holdings","tag-opinions","tag-taxes","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"12","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79011","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=79011"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79011\/revisions"}],"predecessor-version":[{"id":79013,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79011\/revisions\/79013"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/79012"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=79011"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=79011"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=79011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}