The Biden administration's proposal to tax American bitcoin miners is likely to drive them out of the country and will not raise the intended funds, according to Marathon Digital's CEO, Fred Thiel. He believes that a mining tax would not result in more available renewable power and would actually create less. Thiel also stated that the banking lobby and gas-fired power plants are hostile towards the crypto industry and bitcoin mining, respectively. Marathon is already looking to expand outside of the US, with new projects in Abu Dhabi and Paraguay. Despite a period of financial stress and consolidation in the bitcoin mining sector, Thiel is optimistic about the future.