This week, on May 2, Governor Greg Gianforte signed a law banning the imposition of discriminatory electricity rates and tax rules on miners.
The bill was introduced in the Montana Senate back in January 2021.
It had opponents who were convinced that mining consumed too much energy and that cryptocurrency mining exacerbated environmental problems.
Despite these concerns, however, the bill was approved by the state House and Senate, and then received the signature of Montana’s governor.
The move is aimed at protecting the interests of miners and promoting an industry whose interest is growing in the U.S.
Because of this, the United States government is trying to regulate this emerging sector at the federal level.
The administration of U.S. President Joe Biden recently proposed a 30% tax on miners so they would use less electricity and stop damaging the environment.
Proponents of mining saw the bill signed into law in Montana as a positive development for the industry.
They believe that cryptocurrency mining will benefit the state’s economy by creating more jobs. Plus, it sets a precedent for other states considering similar legislation.
As a reminder, stabelcoins, non-exchangeable tokens (NFTs) and other digital assets are now considered personal property of citizens in Montana.