Bitcoin mining is business and if an operator could not make good money then the business would be looking somewhere else and I am sure that there will be smaller countries that can welcome miners with open arms like El Salvador or Paraguay, for that matter.
They can welcome them but they can't substitute the US and lawmakers in the US know that!
For example, Salvador is net importer of energy, and it gets a ton via gas burning, they have a FSRU ship anchored right there for this purpose:
https://lngprime.com/americas/el-salvador-fsru-completes-second-sts-lng-op/54554/It's a thing of extra capacity available and not many countries can say ok, let's give you 50 TWH of electricity now!
Plus, there is a thing of cheapness, not only do these countries have to have extra energy but also cheap as hell!
Riot and Mara in their SEC forms have stated a price of 2 cents to 4 cents per kwh, those countries would need to offer just as much, and if we exclude a few little ones only Russia and Canada would comply with this!
And from here things get more complicated, the big guys are all listed on the stock exchanges, and that's how they secure financing, how would it look for a company listed on Nasdaq to move operations to Russia? Or Iran? Or China? Or...like half of the globe...
Plus, there is the tax thing, you don't get the same tax breaks as a foreign company in Bolivia, tax rebates, tax deductions on gear, tax deduction on losses, those are far more than 10%, big guys like hut8 or riot are running a constant loss
Pretax Income
$ -597.27M/$ -591.85M/$ -521.30M/$ -15.18M/$ -12.67M/$ -20.45M
Tax Provision
$ -5.09M/$ -5.09M/$ -11.75M/$ 254.00K/$ 0.00/$ -143.00K
A negative tax provision means Riot has paid only one year $254k, but they have claims for 20 million in deductions.
The big miners are trapped in the US, that's clear, they will either deal with the 10% increase, which is not that big, or try to optimize other costs.
For a quick TLDR
It's really really complicated!
Are miners not taxed at all before in USA?
Not if you're not making a profit....
https://www.riotplatforms.com/riot-platforms-reports-full-year-2023-financial-results-current-operational-and-financial-highlights/