The lawmaker Smari McCarthy of Iceland's Pirate Party suggested taxing the profits of bitcoin mines. This suggestion is likely to be well received by Icelanders because most residents are skeptical of financial ventures after the countries 208 banking crash.
This year the country is expected to use more electricity for mining than it uses to power its homes. McCarthy believes that it is unfair that mining companies are not paying taxes to the government.
Due to an access to cheap cooling and cheap energy Iceland has long played home to an ecosystem of bitcoin miners. Arctic air helps to keep mining hardware without added electricity costs.
Considering that the Pirate Party currently holds only 6 seats out of 63 in Iceland's parliament, it is unlikely to succeed in pursuing a bitcoin mining tax on its own. However, the lawmakers from other parties can support this idea if demand for the nation's cheap electricity continues to increase.