Dubai: Large-scale Bitcoin miners in the US are looking to Scandinavia, the Middle East and other regions to expand their energy-intensive industry.
“We are geographically diversified in the US “ but we are also looking outside the US,” Mike Levitt, CEO of Austin, Texas-based mining company Core Scientific, said at the Bitcoin Conference 2022 in Miami on Thursday. The most logical regions are Scandinavia and the Middle East, where some nations have suitable power sources and capital, he said.
Bitcoin miners had been flocking to Texas for its low electricity prices and liberal regulations on crypto mining. New York and Washington have put forward strict regulations on crypto miners due to their large demand for local grids and environmental concerns.
Miners say the regulatory efforts are also a reason to look elsewhere.
“The middle east is a very interesting place because they have asymmetry in power and energy,” Fred Thiel, CEO of Marathon Digital, said at the conference.
As for Europe, Thiel said, “The political winds in Europe are very anti.”