Kentucky's governor signed a pair of legislative bills focused on cryptocurrency mining incentives into law. Kentucky made news back in January for introducing the bill.
The bills in question were finalized and approved by state lawmakers earlier this month and are now signed into law.Senate Bill 255 offer a variety of tax incentives for cryptocurrency mining companies that purchase and upgrade existing buildings in the state. Companies would have to make a capital investment of at least $1 million to qualify.
House Bill 230 would offer a sales and use tax break on electricity purchased by cryptocurrency mining operations in the state.Both laws become effective on July 1 and shows that mining operations can bring economic stimulus to areas.This is exciting because these laws represent the tangible evidence that U.S. states are seeking to attract crypto miners where most of the larger scale mining operation are based outside of the USA.
These developments come as publicly-traded mining companies continue to ramp up their operations and institutional investors place bets on the future of the mining space. I know I have invested in miners as a way to get crypto currency exposure in my traditional stock portfolios.