This bill amends section 70-655 of the Reissue Revised Statutes of Nebraska to introduce regulations specifically for cryptocurrency mining operations. It defines "cryptocurrency mining" and "cryptocurrency mining operation," and grants public power districts the authority to require direct payments or letters of credit from these operations to cover the costs of significant infrastructure upgrades. Additionally, the bill mandates that any financial requirements imposed must be fair, reasonable, and not discriminatory, and that an independent grid impact study must be conducted prior to imposing such requirements.

Furthermore, the bill establishes an excise tax of two and one-half cents per kilowatt hour on energy used by cryptocurrency mining operations that exceed one thousand kilowatt hours in a calendar year. This tax will not apply to data processing centers or other entities not engaged in cryptocurrency mining, and it will be enforced by the Department of Revenue. The collected taxes will be directed to the State Treasurer for the General Fund. The bill also includes provisions for the Department of Revenue to create rules and regulations to implement these changes, and it will become operative on October 1, 2025.

Statutes affected:
Introduced: 70-655