The state of Kentucky of the USA abolished taxes on cryptocurrency mining

This week, the governor of Kentucky signed two bills regarding the taxation of commercialmining cryptocurrency.

According to the bill, a new section of the KRS has been created139, which defines various terms related to the commercial mining of cryptocurrency using blockchain technology, and provides for a tax exemption on sales and tangible personal property and electricity used in the process for four years - from July 1, 2021 to June 30, 2025.

The bill states how the GeneralThe assembly has been actively promoting the use and development of blockchain technology since 2019, and has established a working group to explore the use of blockchain in various sectors.

"The Commonwealth has the opportunity to become a national leader in the nascent commercial cryptocurrency mining industry, given its powerful electricity supply that canoffered at lower prices than in most states", - the document says.

To qualify for this exemption, you mustsubmit an application for each location where cryptocurrencies are mined. The application must include the name and mailing address of the person applying for the tax exemption, a description of their business activities and the location of the business, including the mailing address, city and county. Other information may also be required.

The department will then issue a certificate valid from the date of application.

Cloud mining: TOP-5 services for 2021

Cloud mining is the optimal formatmining cryptocurrency for 2021. This is a model for earning cryptocurrency by renting equipment (hashrate), mining is carried out due to the management of equipment by a contractor who solves all issues related to technical and software components.

Cloud mining setup does not requirea productive computer or knowledge in the field of blockchain and cryptocurrencies in general. Setting up in this case consists in going through the standard registration procedure on the service website, choosing a tariff plan and paying for the contract. Then the user specifies the address (personal wallet) where the mined cryptocurrency will be withdrawn.

Rating of TOP-5 cloud mining services (with current estimates for 2021):

Service	Rating	Detailed overview
IQ Mining (Editor's Choice!)	9.5	Read the review
ECOS	7.2	Read the review
YoBit VMining	6.5	Read the review
BitDeer	6.4	Read the review
HashFlare	6.3	Read the review

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