Recall that the idea of 30% tax for miners became known at the beginning of May 2023. The stated reason for such decision was negative impact of ASIC-miner owners on the environment.

Despite such news background, Bitcoin mining is increasing in popularity. In particular, another recalculation of BTC mining complexity took place on Thursday, resulting in an increase of 3.22 per cent to a record high of 49.55T.

It is also important to note that the average hash rate on the Bitcoin network over the past two weeks was 354 hashes per second. And this is also the maximum of the corresponding figure.

What kind of tax is levied on mining

Thiel hinted that the presidential administration’s plans could trigger a mass exodus of miners from the country. In this case, the main objective of the tax plan will not be implemented, said the expert. Here is his relevant rejoinder to that, as cited by The Block.

In fact, it will lead to a reduction in the amount of “green electricity” produced. Today it takes a very long time to build a solar or wind farm, because the waiting list for connection is two years. And Bitcoin miners provide an economic incentive for people in the energy sector.

In other words, the expert believes that such a tax regulation will not only fail to protect the environment, but will also worsen the situation. Still, in the U.S. renewable energy sources among miners are in demand. Well, the possible relocation of ASIC-miner owners to other countries and regions may change the situation for the worse.

Recall that the bill, under the acronym DAME, is designed to encourage the use of renewable energy sources by miners. Well, since it takes a long time, the number of people willing to wait may not be that long.

In reality, "concern for the environment" is just an excuse to put pressure on the digital asset industry, says a Marathon spokesperson. Bitcoin miners have been accused of wasting too much and "unnecessarily" energy, even though there are plenty of other businesses in the same US that consume far more of the resource for less economic benefit. A Marathon spokesman himself points out that his employees are already looking to expand in other parts of the world.

In addition to the tax plan, large mining companies in America have rivals in the banking industry, Thiel claims. Here’s his quote on the matter.

The banking lobby is really in the game. They don’t want a crypto industry that undermines the banking industry. Bitcoin mining in Texas eliminates the need for power plants, so it has a negative impact on their business.

Not long ago, Marathon received a subpoena from the Securities and Exchange Commission (SEC). However, Thiel assured that the notice is not a sign of any threat: for now, the regulator is simply asking for more information about the mining company. It is interested in possible violations of federal securities laws at the company’s Hardin farm. So such a notification is in any case alarming.

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If regulators and politicians can’t be confronted, they need to be lobbied – a practice that the companies behind the most popular stabelcoins are already resorting to. According to Decrypt, relatively large sums of money have already been spent on lobbying cryptocurrency companies among lawmakers since the beginning of this year.

Tether and Circle, which issue USDT and USDC tokens respectively, are leading the way here. Together, they have spent more than a million dollars to protect their own interests. In particular, every quarter Tether pays at least $120,000 to FTI consulting firm, and this money only goes to lobbying interests in the area of stablcoin regulation. In total, Tether has spent at least $600,000 on such deals since the beginning of 2022.

This information was commented on by the company’s spokesperson. Here’s his quote.

As a responsible industry player, Tether believes it is critical to contribute to the development of a transparent and balanced regulatory framework that promotes innovation while ensuring consumer protection along with market integrity.

Circle is actively working with experts from Invariant to advise policymakers on business issues – a service that costs the stabelcoin issuer $100,000 per quarter. In total, Circle has spent about $560,000 in this area since the end of 2021.

Given what’s happening, we can assume that lobbying among US politicians could become an important part of the development of local cryptocurrencies. It may even be a way to push through regulations that would help the industry grow in the long term.


We believe that the actions of US authorities and regulators in 2023 do look like a crackdown on the cryptocurrency industry. So far, local commissions have been in no hurry to create adequate regulations for the digital asset niche, except to issue fines to popular companies. Hopefully, this attitude will change, and officials will be able to discern the right approach to engage with the promising industry.


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