Crypto miners get the “right to mine” in Montana
Montana has shown forward movements in embracing crypto, as the governor Greg Gianforte, signed into law a bill that favors crypto mining. A large part of the bill prevents local governments in the state from passing laws that would prohibit cryptocurrency mining. As reported by Satoshi Action Fund, a Bitcoin mining advocate group, the bill is a “Right to mine” bill.
The Montana legislature confirmed that Governor Gianforte signed the bill S.B. 178 into law after it has passed both the state House and Senate. Montana is a state in the Mountain West division of the Western United States.
The legislation revised existing laws in the state, boldly supporting crypto miners’ rights. It prohibited electrical rates that seemed discriminatory for mining firms as well as disallowed taxation for crypto used in settling payments.
The latest version of the bill made clear that the legislation was introduced partly as a preventive measure in response to certain proposals in other states like Texas.
The advocacy group Satoshi Action Fund has shown support for pro-mining legislation in certain states. Aside from Montana, Lawmakers in the Arkansas state House and Senate as well as in the Mississippi state legislature passed a similar pro-mining bill. However, the Mississipi bill didn’t push through as it should, according to Satoshi Action Fund.
The Biden administration in a recent move renewed a 30% tax requirement on cryptocurrency miners contained in its FY2024 budget proposal. The tax is a potential target for miners’ electricity usage.
However, Montana’s bill doesn’t protect against Biden’s tax proposal, as it is a federal issue, Satoshi Action Fund CEO Dennis Porter said.
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