on electricity use for digital asset mining operations is raising concerns among crypto miners that they could be priced out of operating in the U.S. market communities.One emerging option is the Middle East region, where taxes tend to be lower, energy is often bountiful, and environmental regulation is generally less onerous.
Kyle Shneps, Director of Public Policy at Foundry, a U.S.-based crypto mining firm, expects a drop in crypto mining in the U.S. if the electricity tax bill is passed. “This is a tax question I believe. I do not believe this has any likelihood of passing, but if it did it would simply weaken the American footprint on the most important asset in our lifetime. Investment and technology would simply leave our shores for more hospitable environments,” he said.