US bitcoin mining company Bit Digital will expand its operations in Iceland, amid fears of additional taxation on cryptocurrency mining companies by Joe Biden’s administration in the US, the Wall Street Journal reported.
The Nasdaq-listed company’s chief executive, Samir Tabar, told the WSJ that Bit Digital last week bought 2,500 new bitcoin mining machines for $5 million, which it will install in Iceland. It’s the first time the company has shipped new bitcoin mining equipment outside the U.S. in 2 years.
It should be noted that the energy consumed by bitcoin mining has been the focus of criticism from the Biden administration, with the argument that it increases electricity costs, burdens energy grids and has an environmental impact on the growing demand for energy.
In March, the US Treasury Department proposed that digital asset mining companies pay a tax equal to 30% of the cost of the electricity they consume.
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