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Kentucky Investigating 2 Proposed Contracts That Would Give Discounted Electricity to Crypto Miners
Kentucky’s Public Service Commission is concerned the rates could result in higher electric bills for state residents.
Kentucky’s Public Service Commission (PSC) is opening formal proceedings to investigate two proposed contracts that would give reduced electricity rates to new cryptocurrency mining operations in the state, according to a press release from environmental group Earthjustice.
The action was taken in response to comments from Kentucky Attorney General Daniel Cameron and advocates such as the Kentucky Resources Council, with the concern being that discounted rates for the energy-intensive act of proof-of-work cryptocurrency mining could lead to higher electric bills for state residents.
STORY CONTINUES BELOW
One proposed contract is between Kentucky Power and Ebon International, LLC, and would give discounted electricity rates to the Ebon Facility, a 250 MW cryptocurrency mining operation in Louisa, Kentucky. The second investigation is into Bitiki-KY, a 13 MW cryptocurrency mining facility in Waverly, KY. Bitki-KY already has a $250,000 tax credit from the state of Kentucky, according to the release.
Kentucky is home to 20% of the U.S.’ collective computing power for proof-of-work crypto mining and produces more carbon dioxide pollution from crypto mining than any other state, according to Earthjustice.
Kentucky’s Public Service Commission did not immediately respond to a request for comment.
Nelson Wang
Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.
