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Kentucky Governor Signs Tax Breaks for Crypto Miners Into Law

Kentucky Governor Signs Tax Breaks for Crypto Miners Into Law

Kentucky Governor Signs Tax Breaks for Crypto Miners Into Law

The commonwealth wants to become a hub for energy-heavy businesses like crypto mining.

The commonwealth wants to become a hub for energy-heavy businesses like crypto mining.

The commonwealth wants to become a hub for energy-heavy businesses like crypto mining.

AccessTimeIconMar 26, 2021, 4:07 PM
Updated Aug 19, 2021, 8:22 AM

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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.
  • The bills marched through Kentucky's legislature following their introduction earlier this year.

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