Kentucky Power Denied Discounted Rate for Crypto Mining Facility
The Public Service Commission of Kentucky has denied a proposed contract between Ebon International and Kentucky Power Company, which would have allowed a mining firm to receive a discounted rate on electricity for its crypto mining facility. The contract involved a $50-million investment in a mining operation that planned to run at 100 megawatts until 2024, with a potential increase to 250 megawatts. Environmental groups praised the decision, stating that incentivizing crypto mining firms would burden taxpayers and contribute to climate change.
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