Kentucky has opened an investigation into two proposed contracts that want to give discounted electricity to crypto-mining firms, determining whether it may end up harming residents with higher bills.
The Kentucky Public Service Commission has reportedly opened a formal investigation into two proposed contracts that would offer discounted electricity prices to new crypto-mining operations.from environmental law group Earthjustice, the government department would be looking to determine whether subsidizing crypto mining operations will raise electricity costs for Kentucky residents.
The contract proposes to give discounted electricity rates to the Ebon Facility, while the Bitki-KY has already received a $250,000 tax credit from the state of Kentucky after the passing of aEarthjustice argued in its statement said that crypto mining is “extremely and exponentially energy-intensive by design” and that the discounted rates for the facilities “could result in higher electric bills for everyday Kentuckians.
"I'm hopeful that the Commission will see these cryptocurrency mining companies' empty promises that they will benefit local communities [...] and give more scrutiny to contracts like these in the future.”
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