In today's digital age, Marathon Digital, as a leading digital currency mining company, is facing criticism. Recently, the Biden administration proposed to impose a tax of up to 30% on digital currency miners, which has sparked heated controversy from all walks of life. This tax policy has been accused of stifling the development of renewable energy, but at the same time, some people believe that the mining industry can provide a solution to the problem of energy waste. This article will explore the relationship between digital marathons and renewable energy from multiple perspectives, and the possible impact of miners' taxes on this relationship.

Digital currency mining has always been a controversial topic. As the value of digital currencies such as Bitcoin has soared, the attention to the mining industry has also increased. Marathon Digital, as a company focusing on digital currency mining, plays an important role in this controversy. However, the recent Biden administration's 30% tax policy on digital currency miners has cast a shadow on the company. Whether the implementation of this tax policy will have a negative impact on the development of Marathon Digital remains to be seen.

Renewable energy has attracted much attention as an important direction for future sustainable development. However, the digital currency mining industry has been accused of being the culprit of energy waste. The mining process consumes a lot of electricity resources, especially non-environmentally friendly energy such as traditional coal, which puts great pressure on the environment. Therefore, some people believe that imposing high taxes on digital currency miners is to limit their damage to the environment and promote the development of renewable energy. However, some people worry that such tax policies may stifle the development of the digital currency mining industry and affect the stability of the entire market.

As a company committed to innovation, Marathon Digital has been exploring how to improve mining efficiency and reduce energy consumption. By adopting more advanced mining equipment and optimizing mining algorithms, they try to reduce energy consumption and achieve a more environmentally friendly mining method. However, facing the high tax pressure from the government, the company may face greater challenges. How to continue to promote technological innovation while ensuring profitability has become a key issue that Marathon Digital needs to think about.

In addition to the development of the digital currency mining industry, we also need to think more deeply about the problem of energy waste. The advent of the digital age has brought huge data needs, and the storage and transmission of these data require a lot of energy support. How to reduce energy waste while meeting data needs has become an urgent problem to be solved. As an energy-intensive industry, digital currency mining may provide some inspiration for the problem of energy waste. By optimizing the way energy is used, the mining industry may become a model of efficient energy use and provide reference for other industries.

In general, the relationship between digital marathons and renewable energy is intricate. The proposal of miner tax has triggered discussions from all walks of life, and the digital currency mining industry is also facing unprecedented challenges. How to promote the development of renewable energy while ensuring the development of the industry is a topic that requires in-depth thinking. As a leader in the industry, how Marathon Digital will respond to this challenge is worth waiting for. It is hoped that in the future development, the digital currency mining industry can find a path of sustainable development and achieve a win-win situation of economic benefits and environmental protection.

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Coin Circle (120Btc.com) News: Nasdaq-listed mining company Marathon Digital (code name: MARA) responded for the first time yesterday (18) at the Bitcoin
2023 event in Miami to the White House’s announcement on May 2 that it would impose an additional 30% tax on US mining companies. Marathon CEO Fred
Thiel said that this policy would only push mining companies overseas and would not allow the government to raise the expected funds, reasonable renewable energy targets, and taxes, and hinted that it was only to serve the specific interest groups behind the White House.

Biden’s new policy will kill renewable energy

The White House Council of Economic Advisers released a report as early as March, pointing out that distributed ledger technology has no economic effect and increases power crises and risks. The May report stated that mining companies should be subject to a 30% punitive electricity tax, and this money should be used to subsidize the development of renewable energy.

This statement was also refuted by Fred
Thiel, who said that the imposition of a mining tax would not bring more available renewable energy, but would only reduce it. First, it takes two years to build a solar power plant or wind power plant, and miners provide economic motivation for these renewable energy operators.

Fred also hinted at the reasons for the policy shift in the interview. One of them is that mining companies will choose overseas transactions as cooperation (such as) due to the risk of the current US crypto policy wavering, so it is difficult to collect taxes, so banking groups are lobbying (to punish these mining companies); on the other hand, the entry of a large number of Bitcoin mining companies in Texas has compressed the survival space of local gas-fired power plants as peak-load power plants. It must be pointed out that mining is a 24/7 operating business, so peak-load power plants are not needed to adjust the supply and demand of electricity investment and operation. Therefore, after the entry of local mining companies, power companies usually choose to invest in base-load power plants or renewable energy instead of peak-load power plants. It can be seen that the entry of mining companies has caused the decline of local peak-load power plants.

However, Fred did not mention in the interview whether these banking groups and gas-fired power plants have a clear interest relationship with the Biden administration.

Response to SEC subpoena

Fred also responded to the SEC subpoena that Marathon
Digital received last month, saying that the subpoena only means that the company needs to provide more information to the relevant authorities, and does not mean that the company will definitely be investigated or charged with anything.

Regarding the Biden administration's position on Bitcoin and the crypto industry, Fred said he believes that there are more extensive measures within the government targeting the Bitcoin industry and miners. Although the government has not explicitly expressed that it wants to kill Bitcoin, Fred believes that the government has made it more difficult for mining companies to operate.

In the face of the US government's tough regulatory policies, Marathon
Digital is seeking opportunities to develop overseas. On the 9th of this month, Marathon announced that it will build a giant mining company in Abu Dhabi to make good use of Abu Dhabi's excess energy to mine Bitcoin.

Mining companies can curb energy waste

Fred also emphasized the environmental value of mining companies to society in the interview. Although different from the traditional definition, mining companies like Marathon
Digital are usually good at converting excess electricity into economically valuable cryptocurrencies to save capital waste. Taking the recent construction of a large hydroelectric facility in Paraguay and Brazil as an example, Fred mentioned that Paraguay's actual usage is less than half of the total power generation, wasting a lot of electricity, and mining companies have entered the country to monetize excess electricity. Robert F. Kennedy Jr., a politician from the same party as Biden, has also been frequently supporting cryptocurrency mining companies on Twitter recently. Kennedy Jr. claimed that mining is like video games and it is impossible to prohibit people from playing games. He even publicly criticized President Biden of the same party, claiming that it is a mistake for the US government to curb the cryptocurrency industry. Kennedy also intends to compete in the Democratic primary in 2024 within the Democratic Party and become Biden's rival in the same party.