The goal of Montana's “Right to Mine” bill is to protect cryptocurrency miners from discriminatory fees by electric companies, to encourage the development of this crypto activity in the state.
As US regulators intensify their efforts to supervise the crypto industry, more states in the country are promoting cryptocurrency-friendly laws to encourage its development.
Such is the case of Montana, which has just passed a bill called “Right to Mine” to encourage cryptocurrency mining within its jurisdiction. The bill in question was approved by legislators in the state Senate with 37 votes for and 13 against.
Montana protects and encourages cryptocurrency mining
The “Right to Mine” bill was introduced by the nonprofit Satoshi Act Fund, founded by cryptoanalyst Dennis Porter, to protect bitcoin and other crypto miners from “discriminatory utility rates” of digital asset mining.
This bill aims to prevent electricity supply companies and the state government from imposing excessively high electricity rates and additional taxes on those who carry out this activity responsibly.
The text of the bill reads that cryptocurrency mining “provides positive economic value for individuals and businesses throughout the United States.”
On the other hand, the law recognizes the potential of cryptocurrencies to contribute to the stabilization of electrical networks by consuming surplus electrical energy and disconnecting immediately in times of high demand.
The law in question also notes the potential of crypto mining to provide revenue to the state of Montana to improve its state infrastructure.
A pro-crypto state
With the approval of this bill, Montana seeks to become an attractive destination for bitcoin and cryptocurrency miners, protecting the right of people and companies to participate in the mining of cryptoassets. The law wants to create legal security for the crypto industry, it states in the text.
In 2018, the Montana state government approved the construction of a cryptocurrency mining farm by the company Power Block Coin, which would invest nearly $251 million in the facilities.
Other States Promoting the Advantages of Crypto Mining
In addition to Montana, another American state that is promoting cryptocurrency mining is New Hampshire.
Recently, this outlet reported that New Hampshire state legislators were discussing a bill to recognize the benefits of cryptocurrency mining, both for the stability of electrical networks and for development and innovation within the state.
Porter testified before the New Hampshire Science, Technology and Energy Committee highlighting how bitcoin and other crypto-asset mining could help the state optimize the operation of its energy grid.
In Texas, Wyoming, Mississippi and other states in the country, legislators have also been promoting cryptocurrency mining as an activity that has great advantages to strengthen the technological leadership of the United States.
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