It's great that cryptocurrency is getting this much exposure as this will pave the way to faster recognition and adoption albeit the proposed regulations. The downside i'm getting here is that transaction rates will increase to cope with this taxation once implemented. So in the end, the end users are the ones paying for this tax.

There would be a lot of factors to consider before moving their mining elsewhere just to avoid the taxation. The cost of moving and price of electricity will be the top ones. You CAN just hide and not register but that could be considered a felony (tax evation) which can be punishable by imprisonment and fines if caught.