Topic: Mississippi passes bill to protect cryptocurrency miners from discrimination (Read 48 times)
February 10, 2023, 02:48:56 PM
I didn't realize it was illegal to set up home mining operations nor did I realize that miners were being charged elevated rates for electricity. Usually within the regulatory statutes states would impose unreasonable expectations for miners that would either make the operation unprofitable to begin with or put so many barriers to entry that the investment to start mining operations would be too large for any small scale entity. Certainly NYC is doing this, demanding that miners switch their energy consumption to entirely renewable sources over the next few years (relying on renewables makes mining less profitable).
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February 10, 2023, 02:14:58 PM
But at the very least, isn't it great to have a few potential safe havens inside the USA which crypto advocates might be able to rely upon?
This is good news actually, and this is exactly how good things start.I will say yes to your question above, it is indeed great I must say, USA is currently the world power as I understand it to be, there is no way we should expect the entire country to jump in and delay crypto legal, it will only start by some parts accepting it as legal and some part rejecting it, and thankfully, this is exactly what is playing out now.
So personally, I think the fact that Mississippi is passing a bill to legalize cryptocurrency mining is a good news for the industry, its a good win for us.
February 10, 2023, 01:58:44 PM
Legal frameworks are always welcome if they are favorable to the interest of the crypto community. But when a government body tries to present themselves as a friend towards an unorganised sector like cryptos, it raises suspicion!
When a state takes such initiatives, it's usually an attempt to categorise and gather the total number of miners in the state, then impose a special state tax tariff.
I hope mississippi will do none and will help the miners in a genuine way!
When a state takes such initiatives, it's usually an attempt to categorise and gather the total number of miners in the state, then impose a special state tax tariff.
I hope mississippi will do none and will help the miners in a genuine way!
February 10, 2023, 11:58:18 AM
Quote
The bill would legalize home digital asset mining and the operation of mining businesses in areas zoned for industrial use, and prohibit the Public Service Commission from imposing discriminatory electricity rates on mining businesses.
The American state of Mississippi is one step closer to protecting the rights of cryptocurrency miners after the state Senate passed the Mississippi Digital Asset Mining Act on Feb. 8. There is a companion bill under consideration in the state House of Representatives.
The Senate bill, authored by state Sen. Josh Harkins, legalizes home digital asset mining and the operation of mining businesses in areas zoned for industrial use. There are already crypto miners operating in Mississippi, which has some of the lowest electricity rates in the country. However, the bill claimed:
In addition, the bill prohibits limiting noise from home mining beyond existing limits, imposing requirements on miners beyond those locally applied to data centers, or changing the zoning of a mining center without proper notification and an opportunity to appeal.
It also prohibits the Public Service Commission, which regulates utilities, from imposing discriminatory rates on mining businesses and exempts home and business miners from money transmitter status.
The bill further provides the state with a legal definition of “virtual currency.”
Mississippi is one of the states where the Satoshi Action Fund has been active, with CEO Dennis Porter speaking at a meeting of the Mississippi Senate Finance Committee in January, where he mentioned the potential for crypto miners to use orphaned oil and gas wells as a power source.
Both the Senate and House bills mention orphan wells. The House bill would set up a state Digital Asset Mining Council that would consider the use of the wells as a mining power source and other issues throughout the year. The House bill has passed the Ways and Means Committee but has not been debated on the House floor.
Mississippi’s legislation contrasts with the two-year moratorium on crypto mining passed in New York and signed into law in November.
https://cointelegraph.com/news/mississippi-senate-passes-bill-to-protect-cryptocurrency-miners-from-discrimination
The American state of Mississippi is one step closer to protecting the rights of cryptocurrency miners after the state Senate passed the Mississippi Digital Asset Mining Act on Feb. 8. There is a companion bill under consideration in the state House of Representatives.
The Senate bill, authored by state Sen. Josh Harkins, legalizes home digital asset mining and the operation of mining businesses in areas zoned for industrial use. There are already crypto miners operating in Mississippi, which has some of the lowest electricity rates in the country. However, the bill claimed:
Quote
“Digital asset mining has often faced regulatory challenges at the state and local level.”
In addition, the bill prohibits limiting noise from home mining beyond existing limits, imposing requirements on miners beyond those locally applied to data centers, or changing the zoning of a mining center without proper notification and an opportunity to appeal.
It also prohibits the Public Service Commission, which regulates utilities, from imposing discriminatory rates on mining businesses and exempts home and business miners from money transmitter status.
The bill further provides the state with a legal definition of “virtual currency.”
Mississippi is one of the states where the Satoshi Action Fund has been active, with CEO Dennis Porter speaking at a meeting of the Mississippi Senate Finance Committee in January, where he mentioned the potential for crypto miners to use orphaned oil and gas wells as a power source.
Both the Senate and House bills mention orphan wells. The House bill would set up a state Digital Asset Mining Council that would consider the use of the wells as a mining power source and other issues throughout the year. The House bill has passed the Ways and Means Committee but has not been debated on the House floor.
Mississippi’s legislation contrasts with the two-year moratorium on crypto mining passed in New York and signed into law in November.
https://cointelegraph.com/news/mississippi-senate-passes-bill-to-protect-cryptocurrency-miners-from-discrimination
....
Mississippi is paving the way to miners being able to mine crypto legally.
I have not seen much information disclosed on whether crypto mining in state would be powered by renewable or environmentally friendly sources. Here they only mention oil and gas wells as potential sources of electricity.
It would appear some US states are leaning in a pro crypto direction. While other states are leaning in the opposite direction. I cannot remember a time when the united states was so polarised in opposite directions, across such a broad spectrum.
But at the very least, isn't it great to have a few potential safe havens inside the USA which crypto advocates might be able to rely upon?
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