Miners from the United States may relocate to the Middle East: opinion of Kyle Schneps

Supporting this point of view, Darin Feinstein, founder of Core Scientific, also believes that this bill, promoted by the White House administration, could cause significant damage to the US economy. Feinstein and Schneps agree that such a tax would create an unfavorable environment for mining companies, forcing them to look for better places to operate.

According to Schneps, one of the most preferred regions for mining companies to move to will be the Middle East. He argues that a 30% tax on the electricity used by Bitcoin miners would undoubtedly kill the industry in the US and set a dangerous precedent. Companies may move to the Middle East, where working conditions will be more favorable.

Already in the United Arab Emirates, Digital Marathon (MARA) and Zero Two are building the first production complex for bitcoin mining with new equipment cooling technologies. This confirms the interest in the region and the willingness of miners to move their activities to more stable and profitable conditions.

Earlier, one of the operators of the main site of the Bitcoin network infrastructure, an administrator under the nickname Cobra, issued an alarmist warning that the US authorities may soon prohibit people from storing bitcoins on their own. This announcement heightens concerns among the cryptocurrency community and highlights the need to find alternative places to do business.

Mining companies in the US are facing serious challenges due to the possible introduction of a 30% tax on electricity. Experts believe that this will lead to a migration of the industry to the Middle East, where large Bitcoin mining projects are already beginning to be implemented. This could be the beginning of a new stage in the development of the global cryptocurrency industry, moving to regions with more favorable conditions.