Bitcoin's economic game theory is continuing to play out in the U.S. as lawmakers from 5 states just flashed a bullish sign for Bitcoin miners…
Last week, Georgia and Illinois each introduced bills offering tax incentives for cryptocurrency mining.
Through the legislation, the states said that they were considering state tax exemptions for the sale or use of electricity when crypto mining.
That’s because, while crypto mining is a profitable endeavor, it’s energy-intensive… and oftentimes, costly.
Yet, Georgia and Illinois aren’t alone in this push. Prior to this development, Texas and Kentucky approved similar tax breaks to entice crypto miners to operate within their states. Colorado approved crypto-tax payments as well just last week.
Meanwhile, several senators on the federal level have voiced their support of broader crypto-tax incentives. In, fact, many lawmakers are looking to ensure that the highly-contested U.S. infrastructure bill does not include a provision to tax crypto miners.
This trend will likely only continue to grow moving forward. That’s because individuals and businesses that mine cryptocurrencies want to move to states that not only offer attractive incentives, but also provide the energy needed to power their operations.
In turn, this trickles down to the rest of a state’s economy, as it means more spending on power and data centers… while also boosting the overall revenue a state can generate.
And while it will take time for these bills to pass, those that capitalize on the opportunity now are only poised to profit…
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