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Georgia Representatives introduced a bill to encourage cryptocurrency miners to set up shop

Five members of the Georgia House of Representatives have written a bill that would keep local cryptocurrency miners from paying sales and use taxes.

On Monday, Georgia Representatives Don Parsons, Todd Jones, Katie Dempsey, Heath Clark, and Kasey Carpenter introduced HB 1342, an untitled measure. The measure proposes to change the state tax code “to exempt the sale or use of energy used in the commercial mining of digital assets” and would most likely apply only to commercial miners operating in facilities measuring at least 75,000 square feet (or 6,968 square metres).

Electricity prices are still a big concern for crypto companies that want to grow their businesses in the United States and around the world. Bitfarms, a Canadian Bitcoin (BTC) mining startup, said in November that it would establish its first data centre in Washington State, citing “cost-effective power” and production rates. It may be because of the state’s deregulated power infrastructure and renewable energy sources that a lot of businesses have moved there. The proposed bill aims to encourage cryptocurrency miners to set up shop.

As part of an agreement with the mining business, ISW Holdings, and Bit5iv, Georgia expects to have 56,000 Bitmain miners working in the state by October. Furthermore, in March 2021, the state legislature enacted a measure requiring education authorities to develop a high school study curriculum centred on financial literacy that incorporates cryptocurrencies.

Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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