According to Fred Thiel, introducing such draconian measures would simply force mining companies to relocate their equipment and register offshore firms.
So not only will the U.S. not get any additional funds, it will even lose some money.
“Bitcoin miners will simply leave the U.S.. And that seems to be exactly what the government wants to do,” said the CEO of Marathon Digital.
Thiel also believes that the departure of miners from the U.S. will not spur the development of renewable energy, as authorities hope, but, on the contrary, will make it even more difficult:
“In fact, fewer solar and wind farms will be built.. Because if you build such a power plant, you have to wait 2 years to connect to the power grid.
The miners allow the power plants to run normally for those two years and make it profitable to build them.”
A top mining company executive also said that while regulators aren’t too obstructive of miners, there are other economic players that are resisting the development of the industry.
For example, the banking industry, which is negative to the entire cryptocurrency industry;
In addition, many energy companies have spoken out against miners. It’s about building peak power plants that produce power only during peak loads.
Miners smooth out these peaks by shutting down equipment, so there is less need for such stations.
Fred Thiel noted that U.S. authorities are unlikely to want to completely wipe out bitcoin. But they want to make it extremely difficult for the people of the country to work with this asset.
That’s why Marathon Digital is trying to develop outside of America as well. The company recently announced plans to build two mining farms in Abu Dhabi.
Recall that the reason for the introduction of a 30% tax on income of miners in the U.S. was the “impact on the climate” by the farms.