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Mississippi Senate passes bill protecting cryptocurrency miners from discrimination

Published on

February 9, 2023
Read Time:1 Minute, 58 Second

The US state of Mississippi is one step nearer to defending the rights of cryptocurrency miners after the state senate passed the Mississippi Digital Asset Mining Act on February eighth. An accompanying regulation is at the moment into account within the State Home of Representatives.

The Senate invoice, authored by State Senator Josh Harkins, will legalize the prospecting of digital belongings at residence and the operation of mining corporations in areas designated for industrial use. Crypto miners are already working in Mississippi, which has a number of the lowest electrical energy charges within the nation. Nonetheless, the invoice claimed:

"Digital asset mining has typically confronted regulatory challenges on the state and native ranges."

As well as, the invoice would prohibit limiting noise from residence mining past present limits, imposing necessities on miners past these relevant regionally to information facilities, or altering a mining middle's zoning with out correct discover and a chance to enchantment . It prohibits the Public Service Fee from imposing discriminatory rates of interest on mining corporations and exempts non-public and company miners from cash transmitter standing.

The invoice additionally supplies the state with a authorized definition of "digital foreign money."

Associated: Bitcoin worth has surged, however BTC mining shares may stay susceptible all through 2023

Mississippi is without doubt one of the states the place the Satoshi Motion Fund has been energetic. Fund CEO Dennis Porter was talking at a Mississippi Senate Finance Committee assembly in January and called the potential for crypto miners to make use of orphan oil and gasoline wells as a supply of power.

₿: Mississippi Senate passes historic safety invoice #Bitcoin Mining

"It shall be authorized within the state of Mississippi to function a node for the aim of residence digital asset mining" and "function a digital asset mining enterprise" pic.twitter.com/AiVbw9AtIi

— Documentation by ₿itcoin (@DocumentingBTC) February 9, 2023

Each the Senate and Home payments point out orphaned wells. The home invoice would arrange a state Digital Asset Mining Council that may evaluation the usage of the wells as a supply of power for mining and different points year-round. The home invoice has passed of the Methods and Means Committee, however was not debated within the Home.

The Mississippi laws contrasts with the two-year moratorium on crypto mining that was handed in New York and went into impact in November.



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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : February 9, 2023
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