Bit Digital Says Prospect of Crypto Mining Tax Spurred Expansion

A major cryptocurrency miner said Thursday a proposed Biden administration levy on mining energy use has strengthened its resolve to expand operations overseas.

Bit Digital, operating in the US and Canada, said it was expanding its mining presence to Iceland. The company has struck a two-year deal with GreenBlocks ehf, an Icelandic company that focuses on the use of renewable energy for mining and blockchain validation.

Cameron Schnier, Bit Digital’s head of investor relations, said the company’s goal has been to diversify operations into other countries since China enacted a mining ban. He said the firm was “keenly ...