Mississippi is making significant strides towards becoming a hub for cryptocurrency mining with the recent passage of the Mississippi Digital Asset Mining Act.
This legislation, which was authored by state Senator Josh Harkins and passed by the Senate on February 8th, provides legal protection for home-based cryptocurrency miners and mining businesses operating in areas zoned for industrial use.
The bill addresses the challenges that digital asset mining has faced at the state and local level by prohibiting discrimination against miners.
This includes preventing utilities from imposing discriminatory rates on mining businesses, exempting home and business miners from money transmitter status, and preventing local authorities from changing the zoning of a mining center without proper notification and an opportunity to appeal.
One of the key factors that makes Mississippi an attractive destination for cryptocurrency miners is its low electricity rates.
The state has already attracted a number of crypto miners and is poised to attract even more with the passage of this new legislation.
The Satoshi Action Fund has been particularly active in Mississippi, with CEO Dennis Porter speaking at a meeting of the Mississippi Senate Finance Committee in January. He highlighted the potential for crypto miners to utilize orphaned oil and gas wells as a source of power.
The Mississippi Digital Asset Mining Act is a significant step towards creating a favorable environment for cryptocurrency mining in the state.
The legislation not only protects the rights of miners but also recognizes the potential for using orphaned oil and gas wells as a source of power.
A companion bill is currently under consideration in the state House of Representatives, which would set up a state Digital Asset Mining Council to consider the use of these wells as a mining power source and other key issues throughout the year.
This shows that Mississippi is committed to fostering the growth of the cryptocurrency industry and helping to ensure a brighter future for cryptocurrency miners.
