Kentucky Reviews Contracts For Supplying Discounted Electricity Rates to Miners

The Kentucky Public Service Commission (PSC) has begun a formal inquiry into two proposed contracts that would provide discounted power rates to new crypto-mining enterprises.

According to a statement from environmental law firm Earthjustice, the government agency will investigate whether financing cryptocurrency mining firms would boost power rates for consumers.

Kentucky Power and Ebon International LLC, which owns a 250-megawatt mining plant in Louisa, and mining company Bitki-KY, which operates a 13-megawatt facility in Waverly, are both under investigation.

The deal intends to give the Ebon Facility discounted power prices, while the Bitki-KY has already obtained a $250,000 tax credit from the state of Kentucky following the passage of the state tax break measure for local crypto miners.

Earthjustice stated that it worked with the Kentucky Resources Council to file comments on behalf of a broad coalition of Kentucky-based environmental groups and asked the PSC to investigate the matter.

The state has become a hotspot for crypto mining companies, contributing 20% of the country’s computer power for proof-of-work mining activities, ranking second only to New York among all U.S. states.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Foxy

Coincu News