Iceland Lawmaker Proposes Tax on Incoming Cryptocurrency Miners

Get Trading Recommendations and Read Analysis on for just $39 per month.

Virtual currency miners are flocking to Iceland due to its abundance of renewable energy, and some lawmakers want to tax them, according to ABC News. Iceland’s renewable energy from hydroelectric and geothermal power plants has delivered competitive electricity rates.

Smari McCarthy, a lawmaker from Iceland’s Pirate Party, wants to tax bitcoin mines. According to ABC News, the lawmaker’s initiative will find support due to Icelanders’ skepticism about financial speculation following the country’s banking crash in 2008.

Companies creating value pay taxes under normal circumstances, McCarthy told The Associated Press.

The town of Keflavik on Iceland’s southern peninsula has attracted virtual currency miners who are building large construction sites on the town’s outskirts.

Mining To Double

Johann Snorri Sigurbergsson, a business development manager at Hitaveita Sudurnesja, a local…

Read more here

What do you think?

0 points
Upvote Downvote

Total votes: 0

Upvotes: 0

Upvotes percentage: 0.000000%

Downvotes: 0

Downvotes percentage: 0.000000%