Published Sep 01, 2023 03:03PM ET Updated Sep 02, 2023 04:40PM ET
The Public Service Commission of the state of Kentucky has denied a proposed contract that would have allowed a mining firm to receive a discounted rate on electricity provided by the power company.
In an Aug. 28 order, the commission denied a contract between Ebon International and the Kentucky Power Company that involved a $50 million investment in a crypto mining facility in the city of Louisa. According to the filing, Ebon planned to run a 100-megawatt (MW) mining operation until 2024, then increase the load to 250 MW.
Kentucky regulator denies plan for subsidizing crypto mining facility