Kentucky Governor Andy Beshear signed into law, Thursday a tax break for crypto mining. His move is to make the commonwealth a hub for energy-heavy businesses like crypto mining.
The bill will offer tax breaks to cryptocurrency miners who operate in the energy-rich commonwealth under a pair of laws.
The bills; Senate Bill 255 and House Bill 230 are at the forefront of making crypto mining easy and enabling tax breaks for miners. The former, Senate Bill 255 extends Kentucky’s clean energy-focused incentives to miners who invest at least $1 million in equipment. On the other hand, House Bill 230 offers miners a series of sales and excise tax breaks.
Collectively, the bills aim to attract cryptocurrency miners, and further create business revenue and jobs, to communities whose economies have been ravaged by a manufacturing exodus from Kentucky but retain an abundance of cheap energy.
One of the bills said Kentucky wants “to become a national leader in emerging industries which use substantial amounts of energy,”