• Bit Digital has made a $5 million investment to secure 2,500 bitcoin mining machines, 20% of which will be stationed in Canada and the majority within the United States.
• The decision to establish a presence in Iceland comes after the Biden administration proposed a 30% tax on electricity expenses incurred by bitcoin mining operations.
• The company claims that carbon-free energy sources power more than two-thirds of its mining operations, with Iceland relying heavily on hydroelectric and geothermal power.

Bit Digital Moving Mining Machines Out of US

Bit Digital, under the leadership of CEO Samir Tabar, has made a noteworthy investment of $5 million to secure 2,500 bitcoin mining machines. In response to the Biden administration’s proposed crypto mining tax, Bit Digital has strategically moved a significant portion of its mining machines to Iceland and Canada while keeping the majority within the United States.

20% Of Machines Stationed in Canada

Approximately 20% of Bit Digital’s mining machines will be stationed in Canada, while the majority will continue to operate within the United States. According to information in the Wall Street Journal report, Bit Digital claims that carbon-free energy sources power more than two-thirds of its mining operations.

Iceland Rely On Hydroelectric & Geothermal Power

The company’s decision to establish a presence in Iceland reflects its proactive approach to navigating the potential impact of the proposed tax legislation on its operations. Specifically, the Iceland operation will heavily rely on hydroelectric and geothermal power, aligning with the company’s focus on sustainable mining practices.

Biden Administration Proposed Tax On Crypto Mining

The decision to establish a presence in Iceland comes after Biden administration proposed a 30% tax on electricity expenses incurred by bitcoin mining operations. This view was reaffirmed in a blog post released last week which supported cryptocurrency mining tax introduced by president’s budget and conveys belief that US is incapable of meeting rising energy demands through innovation.

Announcement At Bitcoin 2023 Conference In Miami

Bit Digital has scheduled announcement regarding move at Bitcoin 2023 conference which is going to held in Miami next month this year (May). A proactive response from Bit digital towards new taxation proposals shows their commitment towards sustainable practices as well as understanding for upcoming changes it needs make due behalf legalities involved with cryptocurrencies