US State Kentucky Proposes Bill to Lure Crypto Miners
Who? Two Kentucky General Assembly Representatives Steven Rudy and Chris Freeland's introduced a Bill last week (can find it here https://apps.legislature.ky.gov/recorddocuments/bill/21RS/hb230/orig_bill.pdf) . The 13 page Bill,lays the ground work for Tax Exemption for Commercial Crypto Miners. The tax avoidance would be from paying 6% sales taxes or 6% excise taxes on their mining 'rigs' electric bills and mining equipment.
Why? They saw an opportunity to lead the nation forward in the new digital era by taking advantage of their low energy rates. Also as readers of this community know when you get in early there are additional benefits.
How does Kentucky offer inexpensive electricy? One aspect is they have eight (8) Hydro-electric Dams - source - https://en.wikipedia.org/wiki/Category:Hydroelectric_power_plants_in_Kentucky
What happens next? The Bill currently sits in Committee where it waits for to be brought up for review and vote.
Other US states offering competition? Texas, particularly West Texas with ample supply of Natural Gas and Oil Wells. If you recall Feb '20 Peter Thiel has a start-up backed venture. Additionally, there is Washington State which also offers Hydro-electric power as does Upstate New York.
Other Countries with Inexpensive Electricity? Iceland with its Geotheremal Power offerings
Whose up for a Dam tour?
Summary - Perhaps those elected to Represent us will continue to see the Wave of the Future is here and we are behind?!?
