Montana bitcoin enthusiasts are now protected by the law.

CryptSafe

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Quote from: Weezenhofnar on May 07, 2023, 05:07:30 AM

It's great news to see that Montana is taking a positive stance towards bitcoin and cryptocurrency. The passing of a bill protecting at-home mining, preventing discriminatory utility rates, and exempting crypto used as payment from additional taxes is a significant step forward for the state.

It's possible that politicians are realizing the potential benefits of embracing cryptocurrency and are therefore speaking in support of it during their campaigns. Regardless of their motivations, the fact remains that Montana's bitcoin enthusiasts can now operate without fear of legal repercussions.

It's encouraging to see lawmakers recognizing the value of this emerging technology and taking steps to promote its use. Let's hope that other states and countries follow suit and adopt similar measures to protect and promote the use of cryptocurrency.

Well it is good that the politicians are beginning to realize the importance and benefits of bitcoin in the society and economy at large but I was wondering why they had delayed the process of bill approval for this long frustrating bitcoiners and Crypto enthusiast in their locality come to talk of it, it is election time and they know the masses would definitely vote.

I was wondering this to be a quick campaign point for them so as to get cheap popularity and votes from the bitcoin community. I hope they behave better this time and do the right thing after being voted into power.

Weezenhofnar

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It's great news to see that Montana is taking a positive stance towards bitcoin and cryptocurrency. The passing of a bill protecting at-home mining, preventing discriminatory utility rates, and exempting crypto used as payment from additional taxes is a significant step forward for the state.

It's possible that politicians are realizing the potential benefits of embracing cryptocurrency and are therefore speaking in support of it during their campaigns. Regardless of their motivations, the fact remains that Montana's bitcoin enthusiasts can now operate without fear of legal repercussions.

It's encouraging to see lawmakers recognizing the value of this emerging technology and taking steps to promote its use. Let's hope that other states and countries follow suit and adopt similar measures to protect and promote the use of cryptocurrency.

tread93

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Wow! This is remarkable, I hope the rest of the states follow suit! That would be such a huge win for the US. The part where it says that no crypto payments are subject to taxes is very nice. It sounds like Montana is on the right track, I feel like Wyoming will be next....

Broadanbig

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Quote from: dzungmobile on May 05, 2023, 08:52:19 PM

I believe that the USA law makers know that their nation, economy and many industries not only blockchain industry as well as their citizens get benefits from harsh policies in some countries like China mainland, Russia and some others.
They are smart enough to realize it and to know that they should not repeat mistakes from other countries. They have decentralized power in their Congress to benefit their citizens, not to any single party in a long run. It is different than law making, decision making for policies, laws, regulations in countries with dictatorship like China mainland or Russia.
They know that other nations will be very ready to absorb any business migration out of the USA.

I see sense in what you are saying mate. It is obviously clear to the United States that they need to start taking advantage of the market situation in the sense that they had to start reviewing some of their policies and embargo placed on some businesses from operating because if the needful Is not done, they would end up being at the lossing side to other nations because they are open to receiving businesses and industries leaving the United States which is a plus one added advantage to their national economy.

It was indeed a smart move by Montana State to begin the process early enough and going by OPs statement, it look like there are more Crypto friendly aspirants this time contesting for the exalted office of the President. I think they would make better policies and regulations when it comes to blockchain and Crypto currencies more especially bitcoin.

kryptqnick

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I'm happy for Montana, but this is state legislation, not federal legislation. So they may introduce their own laws that are more crypto-friendly, and similar things can be done in other states, but the country of the USA overall may have different policies. Unfortunately, it was determined in the US that federal legislation has supremacy over state legislation, so if a federal law is passed at some point, requiring all miners to invest in eco-friendly solutions or something like that, Montana should technically abide by it as well. Thankfully, it's all just bills and discussions at the federal level, so states can make their own policies in the meantime and perhaps people from those states can later advocate pro-crypto federal legislation as well.

dzungmobile

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I believe that the USA law makers know that their nation, economy and many industries not only blockchain industry as well as their citizens get benefits from harsh policies in some countries like China mainland, Russia and some others.

They are smart enough to realize it and to know that they should not repeat mistakes from other countries. They have decentralized power in their Congress to benefit their citizens, not to any single party in a long run. It is different than law making, decision making for policies, laws, regulations in countries with dictatorship like China mainland or Russia.

They know that other nations will be very ready to absorb any business migration out of the USA.

southerngentuk

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While the economic impact of this particular law in Montana may be relatively small, it could signal to other states that there is value in supporting the growth of the cryptocurrency industry. Over time, as more states adopt similar regulations, it could lead to a more supportive environment for cryptocurrency businesses and entrepreneurs. Overall, it is certainly a positive development to see a state like Montana taking steps to support the growth of this industry.

CryptSafe

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Quote from: Nwada001 on May 05, 2023, 02:31:31 PM

If this bill is successfully passed in Montana

From the reports, the bill was successfully passed with votes from the senators supporting the motion for the bill. So I see no doubt in that as a matter of fact, the same report states that the bill will be sent for approval as it has already been voted for. I think you should read that again to get it clear with facts and figures so as to be sure and avoiding doubt.

serjent05

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Quote from: teosanru on May 05, 2023, 02:35:41 PM

A good move from a rather small state. I think the immediate economic effect of this might not be that good but overall it's a good sentimental change for the US as even other states might begin to do such things if they think Montana has benefitted out of this. Eventually if a lot of states agree to this, the Federal government will have to bring a law around it as well. So i feel it's a move in the right direction.

It is really a good move by the state and is supposed to be a piece of good news for crypto miners but the problem lies ahead on the energy charges, just like what @DaveF stated.

Miners should be taking advantage of the protection but the cost of the energy will hinder them because it might bring losses than gains. I hope this move from Montana can influence other estates on approving miners to their business in their states.

Gyfts

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Quote from: DaveF on May 05, 2023, 01:54:18 PM

However, that it today....tomorrow is tomorrow.

As long as these states can continue to elect pro-crypto legislators, I'd anticipate the pro-crypto provisions are to stay.

Some years ago I had speculated that the government on the federal level (say 3 letter agencies like the EPA) would have authority over state law and implement mining restrictions under the guise of environmental safety. A SCOTUS case last year limited the scope of the EPA to enact carbon emission reductions and under dual sovereignty, the federal government already has limited powers over how states handle legislative matters. I'm glad I was wrong because it looks like a lot of states are giving miners the freedom to mine without price gouging or regulatory hurdles. None of that can be overridden unless by the people of that state.

Fiatless

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Quote from: cryptomaniac_xxx on May 05, 2023, 02:41:52 PM

There are a lot of states slowly getting into it, Mississippi & Missouri lawmakers propose laws protecting bitcoin mining.

And with that, perhaps we can consider this states pro-bitcoin too. But then again, it's about the cost of electricity that will be the big factor here. If they can keep it cheap and low cost then maybe it's going to boom and it's good that they have this kind of laws. So let's see who's next and how it will affect not just mining but bitcoin is general in states as the Biden government wanted 30% tax on crypto miners.

The good news is that the state of Montana has shown a willingness of welcoming Bitcoin miners. The law protecting miners is the first step because they had a very unfriendly law before now. How can a law state that Bitcoin miners must build their power source before they can mine in the state, that was bad. But this new law if adopted and implemented will be friendly and has the potency to attract Bitcoin miners to the state. I am sure that the next phase will be about the cost of electricity or avenues to generate electricity. The government can reduce the cost of electricity or partner with miners to generate power. The US has many abandoned dams that can be refurbished or converted to electric dams.

Great job by this advocacy group Satoshi Action Fund. It is good to hear that there are groups that are fighting genuinely for the protection, promotion, and advancement of Bitcoin.

bittraffic

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But what about the environmental effect, they sure know that Bitcoin mining ruins nature. This is not gonna be good. Cheesy

Quote from: cryptomaniac_xxx on May 05, 2023, 02:41:52 PM

There are a lot of states slowly getting into it, Mississippi & Missouri lawmakers propose laws protecting bitcoin mining.

And with that, perhaps we can consider this states pro-bitcoin too. But then again, it's about the cost of electricity that will be the big factor here. If they can keep it cheap and low cost then maybe it's going to boom and it's good that they have this kind of laws. So let's see who's next and how it will affect not just mining but bitcoin is general in states as the Biden government wanted 30% tax on crypto miners.

Miners will find a way to make free electricity that's for sure. Whenever people learn they can make money by generating electricity, anything in mind like that perpetual movement will be tried just to try. Once government applies this law in many cities, they wouldn't mind that 30%, they will use rivers and wind for free electricity.

cryptomaniac_xxx

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There are a lot of states slowly getting into it, Mississippi & Missouri lawmakers propose laws protecting bitcoin mining.

And with that, perhaps we can consider this states pro-bitcoin too. But then again, it's about the cost of electricity that will be the big factor here. If they can keep it cheap and low cost then maybe it's going to boom and it's good that they have this kind of laws. So let's see who's next and how it will affect not just mining but bitcoin is general in states as the Biden government wanted 30% tax on crypto miners.

teosanru

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Quote from: CryptSafe on May 05, 2023, 01:41:32 PM

Bitcoin is beginning to gain traction in the United States as the law makers of Montana state passes a bill guiding miners to mine bitcoin. We all are aware of the US government negativity over bitcoin but of lately it is beginning to bounce back but i do not know if it is for political reasons all these are coming now but for sure I have watched and read a lot of interviews press conferences held by Presidential aspirants of political parties talking about supporting bitcoin if elected. Are they doing this just for cheap political gains or what?

However, bitcoin enthusiasts at Montana should be celebrating as they are now free to mine and trade on bitcoin.
What startled me most is that;
"The proposed law passed 37-13 in the Senate and next will go the state's House for its approval. The bill protects at-home mining, prevents discriminatory utility rates for miners and stipulates that crypto used as payment will not be subject to additional taxes."

You can see the vote power and strength coming from the assembly men. This time it would not be game as usual.

https://twitter.com/BitcoinMagazine/status/1654236012082601985
https://www.coindesk.com/policy/2023/02/23/montana-senate-passes-bill-protecting-crypto-miners/

A good move from a rather small state. I think the immediate economic effect of this might not be that good but overall it's a good sentimental change for the US as even other states might begin to do such things if they think Montana has benefitted out of this. Eventually if a lot of states agree to this, the Federal government will have to bring a law around it as well. So i feel it's a move in the right direction.

Nwada001

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Impressive. This is why it's good to have an association; when one or two people decide to do something, it gives it hope. Miners have always been targeted by lawmakers, from paying high taxes to shutting mining firms down based on their beliefs regarding the environmental hazards caused by miners and high electricity usage, which the miners are even paying for; it's not as if they are using it for free.

This bill passing is really a good thing, and it's showing that the Satoshi Action Fund group is really working hard to fight back against the sanction against all miners and Bitcoin traders.

If this bill is successfully passed in Montana and miners now have the full right not to worry about extra tax fees and other sanctions, it will really create room for other cities in the USA to make their own moves, knowing that they have a greater chance of achieving a positive result.

Ojima-ojo

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Cheers to that, coming in from the united states where there used to be a lot of restrictions and high bills on Bitcoin miners which have forced many miners to flee the shores of the united states to other countries where there are more friendly Bitcoin laws and low electricity bills.

What makes these new bills most amazing is the fact that cryptocurrency/ bitcoin miners will experience some form of tax holiday, which is something that have not experienced before and that will be highly motivating for young start-ups who may consider Bitcoin mining as a way to make their contribution to the Bitcoin network and also earn profits from the activities.

DaveF

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The problem is that the cost of power in Montana for industrial power is about $0.075 per KWH.
So unless they drop the rates no large mines are going to move there, protected or not.
For the small private 'hobby' people with 1 or 2 miners it's not going to matter one way or another.

Business follow the money.

And, just because they support it today, does not mean they will support it tomorrow.
After luring miners to Texas with low electric rates and support they look like they are going to pass this sooner or later:
https://beincrypto.com/texas-lawmakers-pass-bill-limiting-bitcoin-mining/

So, it's great, move to Montana you are protected from getting gouged in electric rates.
However, that it today....tomorrow is tomorrow.

-Dave

CryptSafe

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Bitcoin is beginning to gain traction in the United States as the law makers of Montana state passes a bill guiding miners to mine bitcoin. We all are aware of the US government negativity over bitcoin but of lately it is beginning to bounce back but i do not know if it is for political reasons all these are coming now but for sure I have watched and read a lot of interviews press conferences held by Presidential aspirants of political parties talking about supporting bitcoin if elected. Are they doing this just for cheap political gains or what?

However, bitcoin enthusiasts at Montana should be celebrating as they are now free to mine and trade on bitcoin.
What startled me most is that;
"The proposed law passed 37-13 in the Senate and next will go the state's House for its approval. The bill protects at-home mining, prevents discriminatory utility rates for miners and stipulates that crypto used as payment will not be subject to additional taxes."

You can see the vote power and strength coming from the assembly men. This time it would not be game as usual.

https://twitter.com/BitcoinMagazine/status/1654236012082601985
https://www.coindesk.com/policy/2023/02/23/montana-senate-passes-bill-protecting-crypto-miners/

Topic: Montana bitcoin enthusiasts are now protected by the law. (Read 143 times)