The state of Missouri has unanimously passed a bill to protect the rights of bitcoin miners. Called Right to Mine Bitcoin, the adopted legislation prohibits energy companies from charging bitcoin miners discriminatory prices compared to other industrial players. The action of the non-profit association Satoshi Action Fund was decisive in arriving at this legislation favorable to mining.
A law to protect Bitcoin mining players
Mining is a vital activity for digital assets and the entire crypto industry. Since the existence of cryptocurrency, this activity has been the target of all kinds of criticism and restrictions. Mining protection is therefore an imperative to preserve a healthy crypto ecosystem. This is fortunately the successful bet by the association Satoshi Action Fund, a non-profit association in the United States, involved in the training of legislators and regulators.
In effect, the state of Missouri passed the law Right to Mine Bitcoin to protect bitcoin miners. The law was adopted unanimously, with 12 votes in favor. It therefore appears that the Republicans and Democrats, opposed on several topics, are all in favor of this legislation.
The Right to Mine Bitcoin Act protects the rights of crypto mining players. Specifically, this legislation requires energy providers to charge crypto mining companies the same rates as other industry players. Being taxed like others is a great victory for crypto miners. Indeed, in several countries, crypto mining players are very often charged a high rate, with the sole purpose of discouraging them.
The difficulties for Bitcoin miners in the US
The law protecting Bitcoin miners in the US state of Missouri is great news. Some companies mining Bitcoin in the US may even migrate to the state of Missouri. Indeed, the Right to Mine Bitcoin Act comes at a time when Bitcoin mining, wrongly accused of polluting the environment, is facing crucial restrictions in other states across the country.
In New York State, where about 20 percent of all crypto mining in the U.S. takes place, fossil fuel mining of Bitcoin is banned for two years. In addition, Bitcoin mining players in New York are subject to crucial lawsuits or restrictions for things like the sound of mining machines.
Well beyond the regulatory restrictions, it is also the crypto bear market that drastically affects Bitcoin mining. Indeed, the decline in the value of Bitcoin has forced many miners to work at a loss. Due to this continuous decline in Bitcoin mining revenue, crucial companies in the industry like Argo Blockchain have found themselves in trouble.
Thanks to the Right to Mine Bitcoin Act, Bitcoin mining is now recognized and protected, just like any other industrial activity. This is a significant step forward in a context in which bitcoin is still the subject of criticism. The fact that Democrats and Republicans are unanimous on the issue of mining is encouraging. It is also an opportunity to salute the work of associations like Satoshi Action Found or the Human Rights Foundation. Thanks to them, Bitcoin has become much more than just a currency.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.