Marathon Digital Holdings Inc MARA CEO Fred Thielwarned that Joe Bidens Tax in American Bitcoin BTC/USD Miners will likely prompt them to relocate their operations overseas rather than generate the intended funds.

What happened: Speaking on the sidelines of the 2023 Bitcoin Conference in Miami on Thursday, he said, “Bitcoin miners will just leave the US, which is what they’re actually trying to do,” as quoted by The block.

Thiel argued that the introduction of the tax would not lead to a surge in renewable energy, since building a solar or wind farm already creates a two-year waiting list to be connected.

He also added that Bitcoin mining in Texas is negatively impacting other industries, including companies that operate gas-fired power plants and are working to displace miners. The banking lobby is also said to be interested in curtailing the crypto industry, which is a potential competitor to traditional banking.

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Why it matters: While Marathon Digital is experiencing headwinds from other sectors of the economy, it faces a relatively low level of regulatory scrutiny, Thiel said, aside from recently receiving a subpoena from the SEC, which he believes was simply a request for information and was not a notice of misconduct.

Meanwhile, the company is looking to expand its operations outside the country.

Price promotion: At the time of writing, BTC is trading at $26,846.44, down 1.78% over the past 24 hours. according to Benzinga Pro.

Continue reading: Bitcoin, Ethereum and Dogecoin tumble on regulatory uncertainty: Analysts are forecasting the Apex cryptocurrency to plunge 50% this year but say there’s no need to panic