Summary of the Article
- Courtney Dentlinger, the former head of the Economic Development Office in Nebraska, testified about bitcoin in a senate hearing on energy.
- She noted that mining lowers property taxes and brings about tax revenues for the state and local political subdivisions.
- The hearing was mainly looking into the power consumption of crypto mining and Dentlinger noted that Nebraska still has additional capacity available.
Benefits of Mining Cryptocurrency
Courtney Dentlinger, the former head of the Economic Development Office in Nebraska, testified about bitcoin in a senate hearing on energy. She noted that mining lowers property taxes and brings about tax revenues for the state and local political subdivisions. Furthermore, she mentioned that crypto businesses offer reasonably well-paying jobs. The improvement of facilities due to Crypto brings more businesses to Nebraska as customers are ready to host them because of the tax benefits and good-paying jobs.
Tax Revenues from Crypto Businesses
Dentlinger gave an instance where a single mining facility in Nebraska brought about $1.6 million in state sales tax over 12 months. This same facility brought about $3.8 million for local tax inspectors. This means taxes from crypto companies increase their revenue pool, hence keeping property taxes lower in Nebraska. Moreover, customers are ready to host these opportunities because of their benefits such as job creation and good-paying salaries.
Power Consumption of Mining
The probe was mainly looking into the power consumption of crypto mining. Dentlinger noted that Nebraska still has additional capacity available – many irrigation places have switched from diesel to electricity (for 3 months) leaving room for 9 more months for other crypto companies throughout the year. With regards to carbon footprint, Dentlinger said that new industries like crypto enhance growth through providing additional generation resources which improves everyone’s quality of life by bringing more businesses into town.
