The Commonwealth of Nations wants to become a hub for energy-intensive businesses like cryptocurrency mining.
Kentucky will offer tax breaks to cryptocurrency miners who operate in the energy-rich country, in line with a couple of laws signed by Governor Andy Besher on Thursday.
Senate Bill 255 expands the Commonwealth’s clean energy benefits to miners who invest at least $ 1 million in hardware. House Bill 230 also offers miners a range of sales tax and excise tax benefits.
Together, these accounts work to attract cryptocurrency miners and thus increase business income and jobs for communities whose economies have suffered from the massive exodus of production from Kentucky but have retained an abundance of cheap energy.
One bill states that Kentucky wants to “become a national leader in new industries that use significant amounts of energy.” Cryptocurrency mining is indeed a major energy consumer.
The bills have gone through the Kentucky legislature since their introduction earlier this year.