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US state of Georgia plans tax breaks for crypto miners

 


Five members of the Georgia “state legislature” have introduced a joint bill that would exempt crypto miners from certain taxes.


Georgia MPs Don Parsons, Todd Jones, Katie Dempsey, Heath Clark, and Kasey Carpenter have submitted the as-yet-untitled draft HB 1342 , which seeks to change the state tax code. These changes would exempt “the use and resale of electricity for commercial crypto mining” from the previous tax burden in the future. However, this definition will probably only apply to large mining companies that occupy at least 7,000 square meters (m²) of operating space.


The bill is the latest example of American state politicians looking for ways to lure the crypto industry more into their own state. In January, for example, several Illinois lawmakers introduced a similar bill that would provide tax breaks for data centers that engage in crypto mining. A similar law was already put up for discussion in Kentucky in March 2021.




Electricity costs are arguably the most important variable for many crypto companies when choosing their locations. The Canadian mining company Bitfarms provided an example of this in November when it announced that it wanted to build a data center in the US state of Washington, primarily because of "cost-effective electricity". The large state of Texas, meanwhile, has particularly benefited from the exodus of China's mining industry , largely due to the state's power grid being particularly unregulated and the region's abundance of renewable energy.


A total of 56,000 Bitmain miners are said to be operational in Georgia by October. The state government has already completed corresponding planning with the mining companies ISW Holdings and Bit5iv . In addition, a new education law was passed in March 2021, targeting more finance education in high schools, including cryptocurrency expertise.

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