US Crypto Miners Eye Middle East Amid Regulatory Crackdown
The post US Crypto Miners Eye Middle East Amid Regulatory Crackdown appeared first on Coinpedia Fintech News
The persistent regulatory crackdown in the US on crypto businesses might drive miners away as they now eye the Middle East as the next region for growth. The Biden administration’s proposed 30% tax on electricity use for digital asset mining operations could devastate the industry in the US, raising concerns among crypto miners. The CEO of an Oman crypto mining firm claims that, compared to the US, the south of Oman offers several geopolitical advantages, including low-cost electricity, reduced political risk, and favorable weather conditions for data centers. As an energy-rich region with lower taxes and lenient environmental regulations, the Middle East might soon attract US crypto miners.
