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In a recent hearing, the former head of the Economic Development Office in Nebraska, Courtney Dentlinger, testified about bitcoin, noting that mining lowers property taxes.
Mining lowers taxes
Dentlinger spoke about the crypto businesses in the hearing, and she said crypto has many benefits, including tax revenues and job creation. In her statement, Dentlinger noted that crypto businesses offer reasonably well-paying jobs.
Nebraska’s former head of Economic Development Office testified about #bitcoin
— Documenting ₿itcoin 📄 (@DocumentingBTC) April 19, 2023
She said, “#Bitcoin mining lowers property taxes and helps build more renewable energy”
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Furthermore, Dentlinger mentioned tax revenues for the state and local political subdivisions. She 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.
Dentlinger noted that the taxes garnered enable the development and maintenance of infrastructure like the local airport. The improvement of facilities improves not just the quality of life but brings more businesses to Nebraska.
Both Dentlinger and Ricketts agree that the taxes from crypto companies increase their revenue pool, hence keeping property taxes lower in Nebraska.
Dentlinger also expressed great interest in Nebraska, with many companies planning to move their crypto businesses to this region. Moreover, customers are ready to host the opportunities because of the tax benefits and good-paying jobs.
Probe on crypto mining and energy
The probe was mainly looking into the power consumption of crypto mining. Dentlinger noted that Nebraska still has additional capacity available. She explained that many irrigation places are now electric from diesel.
The wells require electricity for about three months a year but use diesel for most of the year. This means Nebraska has more capacity for more crypto companies for about nine months yearly.
Regarding carbon footprint, Dentlinger said that new industries like crypto enhance the growth of an integrated resource plan because of providing additional generation resources, including clean energy tech. This means that any new generation resource deployed in the future will have a lower carbon footprint.
Crypto mining companies use electricity at controlled amounts, meaning constant revenue can help finance clean energy tech.