Kentucky regulator denies plan for subsidizing crypto mining facility


The Public Service Commission of the state of Kentucky has denied a proposed contract that might have allowed a mining agency to obtain a reduced price on electrical energy offered by the facility firm.

In an Aug. 28 order, the fee denied a contract between Ebon International and the Kentucky Power Company that concerned a $50 million funding in a crypto mining facility within the metropolis of Louisa. According to the submitting, Ebon deliberate to run a 100-megawatt (MW) mining operation till 2024, then improve the load to 250 MW.

The particulars of the proposed contract, which had been partially redacted, included Kentucky Power offering Ebon a reduced price for service over 10 years. The fee introduced in December 2022 that it planned to review the deal between Ebon and Kentucky Power.

Environmental teams Earthjustice and Greenpeace lauded the fee’s determination as a victory for common vitality shoppers in Kentucky. Joshua Archer, the Bitcoin marketing campaign lead for Greenpeace USA, claimed incentivizing crypto mining companies to arrange store within the state would have burdened taxpayers and contributed to local weather change.

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The state of Kentucky is likely one of the main Bitcoin (BTC) mining hubs within the United States, alongside Texas, Georgia and New York. Environmental organizations in these areas have pushed for restrictions and bans on crypto mining, leading to New York signing a proof-of-work mining moratorium into legislation in November 2022 and a invoice removing incentives for miners making it via the Texas Senate in April.

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