In Kentucky's coal country, initial enthusiasm for crypto mining as an economic revival has faded as operations increasingly power down. Many of the specialized mining facilities originally set up to capitalize on the Bitcoin boom are now defunct, raising transparency issues for local regulators. The local economy had hoped for a resurgence similar to that experienced in 2021 when the state contributed significantly to US cryptocurrency mining. However, the instability of these operations raises fears over long-term economic prospects in the region, previously reliant on coal.
In early 2022, when Mohawk Energy initiated a crypto mining project in Jenkins, Kentucky, locals were hopeful for economic revival, but operations have since dwindled significantly.
Local officials say it is hard to pin down the exact number of crypto mines still active in eastern Kentucky because state regulations are light and there's a general lack of transparency in the industry.
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