Kentucky regulator denies plan for subsidizing crypto mining facility

The Public Service Fee of the state of Kentucky has denied a proposed contract that will have allowed a mining agency to obtain a reduced fee on electrical energy offered by the ability firm.

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

The small print of the proposed contract, which had been partially redacted, included Kentucky Energy offering Ebon a reduced fee for service over 10 years. The fee introduced in December 2022 that it deliberate to evaluate the deal between Ebon and Kentucky Energy.

Wasteful and exploitative #Bitcoin mining firms throughout the U.S. need you to pay increased utility costs for the privilege of getting your group polluted by Bitcoin’s huge power consumption.

We’re glad to see Kentucky regulators pushing again.

— Greenpeace USA (@greenpeaceusa) August 31, 2023

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

Associated: Cambridge Bitcoin Electrical energy Consumption Index up to date to mirror {hardware} distribution and hash fee will increase

The state of Kentucky is likely one of the main Bitcoin (BTC) mining hubs in america 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 eradicating incentives for miners making it via the Texas Senate in April.

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