Right now, there are several publicly traded bitcoin mining companies (which is sometimes referred to as CHARM for Core Scientific, Hut 8, Argo Blockchain, Riot Blockchain and Marathon Digital). Public companies are required to share financial information and those reports show that bitcoin mining companies are, by and large, not paying very many taxes.

In fact, some of the companies book income statement losses and are paying no taxes at all. Start-ups – which bitcoin miners are – are generally unprofitable as they look to spend money building up operations. Our model strips out the business decisions that young companies must make when they are growing, meaning that it only works in a world with a more mature bitcoin mining industry.

In the base case scenario, bitcoin miner pre-tax profitability was estimated at $1.4 billion and a tax bill of $299 million. That scenario shows up in the middle of each table below. All other numbers in the tables are representative of estimated taxes if those inputs were changed. For example, if bitcoin price were $60,000 and hashrate were 250 EH/s, taxes to the U.S. government would be $335 million.