Do repost and rate:
Two Kentucky lawmakers have called upon the commonwealth to offer tax breaks to cryptocurrency miners seeking to tap into the energy rich region.
- General Assembly Representatives Steven Rudy and Chris Freeland's bill introduced last week would exempt "commercial cryptocurrency miners" from paying 6% sales taxes or 6% excise taxes on their rigs' electric bills and mining equipment.
- Kentucky "has an opportunity to become a national leader" in crypto mining because of its low energy rates and abundant supply, said the bill. Tax breaks would help the Commonwealth further compete.
- The Republican lawmakers submitted their 13-page bill to the General Assembly on Jan. 8, where it now sits in committee. Neither representative responded to a request for comment.
- The Block first reported the bills' submission.
