The promise of a new cryptocurrency-mining company in downtown Paducah has ended somewhat abruptly.
Mayor George Bray recently confirmed that Griffin Blockchain Services, Inc. is leaving Paducah.
“They’re chasing lower electrical rates,” Bray said.
In November, 2021, Griffin Blockchain acquired the 120,000-square-foot former AmerisourceBergen facility on North Third Street. The building is now up for sale.
“They’re looking for more rural sites in the surrounding areas, but unless they find it in McCracken County, it won’t be a benefit (to us),” Bray said.
When China banned cryptocurrency in 2021 — citing financial crime and economic instability — Kentucky became an attractive alternative due to statewide legislation offering tax breaks to miners.
The state enacted a law in 2021 granting sales tax and use tax exemptions on commercial property and electricity used by blockchain companies for the purpose of mining cryptocurrency.
However, recent world events may have contributed to the...
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