News

Montana Senate Approves Bill To Protect Crypto Miners

Key Points:

  • Montana State Senate passed a bill aimed at safeguarding the crypto mining industry from a range of actions that could harm it.
  • The law takes power from local governments, preventing them from moving against at-home mining or retroactively using zoning laws to shut down active operations.
  • Bitcoin miners have faced criticism from environmentalists and lawmakers concerned about the impact of their activities on carbon neutrality goals and electrical grids.
On Thursday, the Montana State Senate passed a bill aimed at safeguarding the crypto-mining industry from a range of actions that could harm it.

The proposed legislation passed with a vote of 37-13 in the Senate and is now headed to the state’s House for approval.

The bill has several provisions that aim to protect crypto miners, including protections for at-home mining, prevention of discriminatory utility rates, and stipulations that cryptocurrency used as payment will not be subject to additional taxes. Additionally, the law takes power from local governments, preventing them from moving against at-home mining or retroactively using zoning laws to shut down active operations.

This law could potentially significantly impact Missoula County, which instituted a zoning ordinance in 2020 requiring bitcoin miners to buy or build renewable energy assets equivalent to their energy consumption. The new law would prevent such ordinances from being enacted.

Bitcoin miners have faced criticism from environmentalists and lawmakers concerned about the impact of their activities on carbon neutrality goals and electrical grids. In response, miners have been fighting back, with as many as five bills going through state legislatures to protect the industry.

One advocacy group, Satoshi Action Fund, helped draft the language in the Montana bill. It remains to be seen whether the legislation will pass in the House and be signed into law, but it is clear that crypto miners are mobilizing to protect their interests in the face of increasing scrutiny and potential regulation.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News


Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

19 minutes ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

47 minutes ago

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

2 hours ago

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

2 hours ago

Inflation Warning By Vanguard Amid Tariffs And Labor Issues

Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…

2 hours ago

Clanker Token Trading Volume Hits $59.8 Million High On November 21

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

3 hours ago

This website uses cookies.