The Montana state senate has officially approved a law to protect the ability to mine Bitcoin and other cryptocurrencies. The Satoshi Action Fund and Dennis Porter spearheaded the charge to approve the legislation, which received a 37-13 vote.
The goal of the “Right to Mine” Bitcoin bill was to defend cryptocurrency mining firms from “discriminatory digital asset mining utility prices.” shielding crypto mining firms from energy providers overcharging them, hence promoting mining activities in the state.
State governments and the industry in the US have long been at odds over crypto mining. A state has now started to support the construction of crypto-mining facilities inside its boundaries. A law to safeguard Bitcoin and crypto mining rights has officially been approved by the Montana state senate.
The “Right to Mine” cryptocurrency measure, designed to shield mining operations from arbitrary fees, was approved today. The proposed legislation will amend the state’s cryptocurrency regulations to forbid “discriminatory digital asset mining utility charges.” Dennis Porter and the Satoshi Action Fund collaborated with legislators to achieve this significant legislative measure and were instrumental in the bill’s passage.
“Satoshi Action Fund is pleased with the result in Montana. It is critical to provide regulatory certainty for the mining industry. We have been working diligently to ensure that bitcoin miners have the right to mine across the USA. There is still more work to be done in Montana, but as a new organization we feel confident about ht progress we have made,” stated Porter.
“I am pleased the Montana Senate passed SB 178 with overwhelming support,” Montana State Senator Daniel Zolnikov stated. “This is common sense legislation that protects Digital asset mining businesses from discrimination not faced from other industries.”
Porter and the Satoshi Action Fund are keen on passing similar laws in several states. Ideally, this will result in a more uniform legislative approach to mining operations nationwide.
The Montana senate measure explicitly forbids “taxation on the use of cryptocurrencies as a payment method” and “local government authorities connected to digital asset mining.” Furthermore, “Digital asset mining creates good economic benefit for individuals and businesses throughout the United States.”
The law has been under review for the last several weeks and represents a significant advance for cryptocurrency mining. Its passage should encourage cryptocurrency mining businesses to choose Montana as a suitable location for their operation.