Members of the Mississippi senate on Wednesday passed a bill that provides the legal framework for the protection of cryptocurrency miners in the state.
The Mississippi Digital Asset Mining Act, authored by State Senator Josh Harkin, would not only legalize home digital asset mining at a private residence and operating a digital asset mining business in an area zoned for industrial use, but it would also protect individuals or companies engaged in proof-of-work (PoW) digital asset mining in the state from “regulatory challenges at the state and local level.”
This means that if signed into law, the bill would prohibit implementing noise limits for home mining beyond currently defined limits, imposing requirements beyond those applied to data centers, modifying the zoning of a mining business without proper notice, procedure and opportunity to appeal, and establishing a “discriminatory rate schedule” for crypto mining businesses. The bill would also exempt miners from money transmitter status.
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Mississippi has some of the lowest electricity rates in the US, and lawmakers see the bill as a means to encourage more cryptocurrency-based investments.
This new development shows a shift in interest in cryptocurrency in the US, especially since 2022 was marked by a downturn that was fueled by a series of scandals in the broader crypto sector.
It also adds Mississippi to the list of governments wanting to fast-track the regulation of the sector as interest among lawmakers continues to grow.
Missouri has a similar bill seeking to protect rights to mine bitcoin after New York banned it in November, while New Hampshire is exploring a statewide bitcoin mining energy plan. Meanwhile in Arizona, State Senator Wendy Rogers recently introduced a set of bills that seek to make bitcoin legal tender and allow state agencies to accept bitcoin.
Information for this briefing was found via Twitter, Bitcoin Magazine, MarketWatch, and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
