Iceland Lawmaker Suggests Tax On Bitcoin Miners

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Due to Iceland being a hotspot for cryptocurrency mining operations, thanks to the abundance of energy and natural cooling provided by arctic air, one lawmaker has suggested taxing on companies that mine Bitcoin.

Smari McCarthy justified this tax because “”Under normal circumstances, companies that are creating value in Iceland pay a certain amount of tax to the government. These companies are not doing that, and we might want to ask ourselves whether they should.”

McCarthy claims that these companies use “maybe hundreds of megawatts” obtaining a product that brings no value to Iceland’s market. The current trend of energy production would make these mining companies use more electricity than all of Iceland’s homes, which is a cause of concern to the local government.

According to the BBC “[Johann Snorri Sigurbergsson, manager at Icelandic energy firm Hitaveita Sudurnesja] expects Bitcoin mining operations will use around 840 gigawatt hours of electricity to supply data centre computers and cooling systems, for example. He estimated that the county’s homes, in contrast, use around 700 gigawatt hours every year.”

 

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Author: Luke Henderson

Since joining the Libertarian Party in 2016 (after discovering Gary Johnson as a disaffected Bernie Sanders supporter), Luke Henderson has been active in the liberty movement through journalism, and political activism. At the beginning of 2017, Luke had his first piece of writing published by Being Libertarian and quickly became a contributor to the libertarian news site, The Libertarian Vindicator. Through the Vindicator, Luke discovered his passion for addressing critics of the philosophy and bringing together different factions of liberty lovers which compelled him to become an editor for The Libertarian Coalition, a forum dedicated to an open-minded discussion of libertarian ideas from all walks. After many guest contributions to Being Libertarian, Luke was asked to join the website as a contributor, where he writes his column Scoring For Liberty, which discusses sports, politics, and economics from a libertarian lens, and his Educator series that seeks to strengthen libertarian’s understanding of educational techniques and policy to better arguments against public education. Luke is one of the District 1 Executive Committeemen for the Missouri Libertarian party, and the founder of the Missouri Chapter of the Libertarian Positivity Caucus. Outside of politics, Luke is a paraprofessional for the Special School District of St. Louis, a musician, composer, and a loving husband and father.

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