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New Law in the US Protects At-Home Crypto Mining, Prevents Discriminatory Utility Rates

The Montana Senate has passed a landmark law to protect struggling cryptocurrency miners from discrimination against mining businesses.

The newest event is that Montana has formally enacted legislation to safeguard mining rights. The measure, passed by a landslide vote of 37-13, protects at-home mining by prohibiting “discriminatory digital asset mining utility charges,” according to the bill. Dennis Porter and the Satoshi Action Fund spearheaded the ‘Right to Mine’ legislation.

While this was a significant step forward for the miners, Porter is focused on the next stages. It includes House approval and the governor’s signature.

Because of its low power costs and suitable temperature conditions for cooling mining equipment, Montana has been a popular site for crypto mining. Furthermore, the state government has been reasonably friendly to the growth of the crypto sector, with the establishment of various blockchain-based firms and initiatives in the area.

Such advances can certainly assist struggling miners in making ends meet. Especially in the midst of a harsh winter and higher equipment expenses owing to inflation. Areas across America have provided assistance to miners and mining operations. For example, in February 2009, the Mississippi Senate approved a similar law benefiting miners throughout the state.

Bitcoin miners have been the focus of various reprimands across the world. Validating transactions on a blockchain network and earning new currencies as a reward needs strong computers and a lot of energy, which may be costly. Some states and nations have established restrictions that make cryptocurrency mining difficult or unprofitable.

Yet, the above-mentioned upcoming development indicates that the state is establishing a regulatory climate that is favorable to bitcoin mining. This entails offering tax breaks or other sorts of assistance to attract miners to operate within the state. The measure also shields miners from excessive rules that may render mining unprofitable or impossible.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.