Illinois and Georgia states propose tax incentives for Bitcoin miners!

avatar of @vlemon
Mr. Crypto Lemon 🍋
2 min read

Hi HODLers,

I decided to move away from the "Hack of the day" narrative in order to focus on more positive things happening in our beautiful cryptoworld.

Not so long ago, most of the mining power was in China as they had some cheap energy and the Chinese government didn;t crack down on the industry yet.

As China completely changed its stance, miners moved to Kazakhstan, Russian and mostly ... the US!

As we have seen this shift, US has really started to take advantage and ramped up its Bitcoin mining capabilities. It seems it will continue to do so as both at state and government levels; officials are becoming friendlier to our industry.

Evolution of network hasrate

They know how much they have to lose: Money but most importantly VOTES as c.20% of Americans own cryptocurrencies both on the left and the right. So a strong regulation would be very unpopular.

What are those tax incentives?

The House representatives in Georgia are proposing tax exemptions for the sale or use of electricity in crypto mining activities. Not bad right? As electricity as quite a high level of taxation actually.

An Illinois Senate bill introduced in late January is also looking to extend an existing tax incentive for data centers to crypto mining.

Here is the bill

Source: State Lawmakers in Illinois, Georgia Propose Tax Incentives for Bitcoin Miners

These 2 states follow Texas and Kentucky which offer similar tax breaks to attract miners to their states.

Guessing game: Which State is next? 50 LEO to win :D

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