Leaving usa. It's literally china ban 2.0
Discussion
Many of these miners are US publicly listed companies - they’re not going to up and leave the country, they would sooner comply than do that.
I don’t think US regulating miners will be at all comparable to China banning it.
Last I checked, Riot is ~2-3% of global hashrate.
IIRC China didn't exactly outright ban it, they just said you're not allowed to use subsidized electricity for mining, and also wanted to end the china fud (before the ban, everyone was saying how Bitcoin is controlled by china cause they have most of the hashpower).
I know a large number of miners operating in china today, one of them told me they estimate that 15-20% of the current global hashrate is china.
Very likely, exactly the same thing. Not banned, just more taxed and a portion of the installations will be relocated to canada, alaska and mexico.
Nothing about the rules will make an onerous cost to move their setups to places with more friendly rules and some miners will do it out of necessity.
The Sun God worshipping environmental doom cultists don't recognise even Bitcoin mined with poop gas at pig farms. Mainly because meat is murder and methane is murder.