The Montana State Senate recently approved a bill to safeguard bitcoin mining companies against a range of anti-industry measures and to restrict local governments from opposing mining operations.
The legislation is aimed at defending the rights of BTC miners, with the majority of the Senate voting in favor of it. As per the new regulations, municipal administrations are prohibited from increasing utility rates for miners and imposing extra taxes on cryptocurrency transactions.
The Satoshi Action Fundce, a non-profit advocacy group that played an active role in drafting the bill, believes that this move will aid cryptocurrency industry participants in Montana during a challenging period.
The extended bear market for crypto assets, coupled with rising energy expenses due to inflation, has created unprecedented difficulties even for the largest bitcoin miners. A similar bill entitled “The Right to Mining” was also endorsed by the Mississippi State Senate to protect miners’ rights.
The new law recognizes the potential of mining to boost the economy and stabilize the state’s power grid and allows individuals to operate cryptocurrency mining nodes from their homes.