Kentucky Governor Signs Tax Breaks for Crypto Miners Into Law
The commonwealth wants to become a hub for energy-heavy businesses like crypto mining.
Kentucky will offer tax breaks to cryptocurrency miners who operate in the energy-rich commonwealth under a pair of laws Governor Andy Beshear signed Thursday.
- Senate Bill 255 extends the commonwealth's clean energy-focused incentives to miners who invest at least $1 million in equipment. House Bill 230 similarly offers miners a series of sales and excise tax breaks.
- Together, the bills work to woo cryptocurrency miners, and thus business revenue and jobs, to communities whose economies have been ravaged by a manufacturing exodus from Kentucky but retain an abundance of cheap energy.
- Kentucky wants "to become a national leader in emerging industries which use substantial amounts of energy," said one of the bills. Cryptocurrency mining is indeed a major consumer of energy.
- The bills marched through Kentucky's legislature following their introduction earlier this year.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.