The Montana legislative arm has passed a bill on the “right to mine crypto” which now sits at the table of Governor Greg Gianforte.
The bill passed in the Senate in February has finally passed the third reading and is waiting for the Governor’s signature.
Bill the number 178, on April 12, the third reading of the bill barring local governments from blocking crypto mining activities was approved by 64 votes to 35. Although Gianforte has the authority to veto the legislation, it is unlikely that he will do so because, like state senator Daniel Zolnikov, who is the bill’s sponsor, he is a Republican.
The bill intends to create a “digital asset mining right” and outlaw charging cryptocurrency miners with differential electricity rates.
Additionally, it aims to protect bitcoin mining operations that are carried out “at home” and eliminate the local government’s ability to use zoning regulations to restrict crypto-mining activities.
The proposed law also prohibits any additional fees or charges for utilizing cryptocurrencies as money. Cryptocurrencies, stablecoins, and nonfungible tokens are all considered digital assets and are categorized as personal property.
Updated legislation, according to the bill’s backers, will enable Montana to entice mining corporations to the state, which will, in turn, enhance the economy of the state directly and indirectly.
Daniel Zolnikov, a state senator from Montana who is leading the charge for the legislation, claimed that the area will benefit greatly from adopting the digital asset sector. He explained that Montana could potentially draw additional companies and resources from the larger Bitcoin sector if it allowed cryptocurrency mining operations to operate without limits.
“If this bill becomes law, I anticipate that Montana will draw additional investors who will invest in many of the state’s rural areas, generating jobs in areas where they are most needed.”
The major concern for this bill is that not everyone shares Zolnikov’s optimism on this crypto-mining bill.
In an interview with CNBC, Colin Read, a former mayor of Plattsburgh, New York, and a professor of economics at SUNY, disclosed that while the flood of cryptocurrency mining companies may provide a short-term rise in growth, mining companies typically fall short of their claims to create jobs.
He further said that there may be an increase in crypto-mining businesses, which could present problems with sustainability and energy use.
If this bill is accepted, this will lead to increase adoption of Bitcoin. This might also urge other states to promote the idea of crypto-mining, thereby setting the pace for its use cases among people. It is no doubt that the adoption of crypto is gradually taking shape, however, it is still obvious that there are a lot of things to consider.
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