Biden's 30% Bitcoin Mining Tax Plan Won't Work: Marathon CEO Fred Thiel
In March, President Joe Biden released his annual budget proposal outlining his policy priorities for the coming year. With respect to the digital asset industry, the proposal touched upon crypto mining . Specifically, Biden called for a 30% tax on all electricity used to mine Bitcoin and other crypto s. However, according to Marathon Digital’s CEO Fred Thiel, Biden’s tax plan won’t work. In an interview during the Bitcoin Miami Conference, the Marathon executive hinted that the administration is looking to target the Bitcoin ecosystem. Chalking out the potential consequences, he said, “Bitcoin miners will just leave the U.S., which is really what they’re trying to… While I’m not gonna go so far as to say that they want to kill Bitcoin, they want to make it very difficult for people to operate.” In fact, Thiel went on to further hint that Marathon already intends to grow outside of the U.S. Here, it is worth recalling that the SEC has issued another subpoena against th...