Montana Senate Passes Bill to Protect Bitcoin and Crypto Miners
Montana Senate passes a historic bill to help struggling crypto miners from discrimination against mining operations.
In the latest development, the Montana state officially passed a bill to protect mining rights. In a landslide vote of 37-13, the bill shields at-home mining, preventing “discriminatory digital asset mining utility rates,’ the bill reads. Dennis Porter and the Satoshi Action Fund led the legislation called the ‘Right to Mine.’
While this was a massive move for the miners, Porter is focused on the next steps. That is approval from the state’s House and the governor’s signature.
The official statement read:
Regions are Recognising Mining Operations and Operators
Montana has been a popular location for crypto mining due to its low electricity rates and favorable climate conditions for cooling mining equipment. Additionally, the state government has been relatively open to the development of the crypto industry, with several blockchain-based startups and projects being established in the area.
Such developments can indeed help struggling miners make ends meet. Especially amidst a crypto winter and heightened equipment costs due to increased inflation. Regions across America have lent support to miners and mining setups. For instance, around Feb. 09, Mississippi Senate gave a green signal to a similar bill favoring the miners across the geographic region.
Huge Development Favouring Miners
Cryptocurrency miners have been a target of numerous censures across the globe. The process of validating transactions on a blockchain network and earning new coins as a reward requires powerful computers and consumes much energy, which can be expensive. Some states and countries enacted regulations that make it difficult or unprofitable for cryptocurrency miners to operate.
Nonetheless, the incoming development discussed above means that the state is creating a regulatory environment that is friendly to cryptocurrency mining. This involves providing tax incentives or other forms of support to encourage miners to operate within the state. The bill also protects miners from overly burdensome regulations that could make mining unprofitable or impossible.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.