Kentucky Governor Signs Tax Breaks for Crypto Miners Into Law
The commonwealth wants to become a hub for energy-heavy businesses like crypto mining.
Mar 26, 2021 at 4:07 p.m. UTCUpdated Sep 14, 2021 at 12:32 p.m. UTC
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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.
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