U.S. states are keen on bitcoin miners and see tax cuts as the best tool to attract them.
Illinois encourages bitcoin mining
The Illinois legislation, first filed in January and co-sponsored by Democratic Senator Julie Morrison this week, is seeking to expand a data center tax incentive program to bitcoin mining farms, as first reported by The Block.
The now bipartisan Bill 3643, introduced by Republican state Senator Sue Rezin, would amend Illinois’ civil code to include data centers engaged in bitcoin mining and include them in the state’s 2019 tax incentive plan, encouraging Build new farms.
Bitcoin mining farms are eligible for the program as long as they invest at least $250 million, create at least 20 jobs, and meet requirements such as carbon neutrality or green building certification.
Georgia is following a similar path
Georgia is following a similar path, as first reported by The Block, as lawmakers this week introduced legislation to incentivize bitcoin miners to set up shop there.
Georgia House Bill 1342, introduced by five Republican state representatives, seeks to exempt the sale or use of electricity used in bitcoin and cryptocurrency commercial mining.
Matt Schultz, executive chairman of bitcoin mining firm CleanSpark, told Bloomberg earlier this month that the state has done everything it can to grow bitcoin.
Bloomberg reports that Georgia has become a top destination for miners in states that welcome the industry, largely due to its low electricity prices and large amounts of nuclear and solar power.
Favorable regulation and low energy prices in Georgia have led to an influx of bitcoin mining machines into the state — a trend that will increase dramatically if new laws are enacted and further reduce the cost of installing bitcoin mining operations.