Bit Digital, a major Bitcoin mining company operating in the United States, has decided to move some of its capital overseas to avoid regulatory risks.
Bit Digital manager Samir Tabar, in a statement to the local press, stated that they are considering investing 5 million dollars for the first phase. According to the manager, this figure means roughly 2,500 BTC mining rigs.
The leading mining company currently has operations in Canada and the USA. Tabar emphasized that they will direct almost all of the new equipment to Iceland. The company will turn to renewable energy sources to be able to mine in Iceland.
US Prepares to Tax BTC Miners
Bit Digital's decision to move some of its operations abroad came after a new mining tax was voiced in the country. The Biden government has been giving signals in recent weeks that crypto miners should be cut.
The Council of Economic Advisors affiliated to the White House included the following words about the sector in its latest report:
“Crypto-mining companies are avoiding the costs they impose on society. Companies must take responsibility for environmental pollution, rising energy costs driven by demand, and climate change.”
According to the information reflected in the press, an additional 30% tax on the energy expenses of crypto miners operating in the USA is on the table.