Mississippi already recognizes crypto miners. But, the new bill to protect them against discrimination still needs to pass the House of Representatives and get signed by the governor.
The American state is now one step closer to protecting the rights of crypto miners after the state senate passed the Mississippi Digital Asset Mining Act during a seating on February 8. There is a companion bill under consideration in the state house of representatives.
This senate bill, authored by state Sen. Josh Harkins, is said to legalize home digital asset mining and the operation of mining businesses in regions zoned for industrial use. There are already a lot of crypto mining operations in Mississippi. Many crypto miners come to the state since it has some of the lowest electricity rates in the US. But, the bill alleged:
“Digital asset mining has often faced regulatory challenges at the state and local level.”
Furthermore, the bill bans limiting noise from home mining beyond the current limits, imposing needs for the Crypto miners beyond the locally applied to data centers or changing the zoning of a mining center without adequate and proper notification and a chance to appeal.
It bans the Public Service Commission from imposing some discriminatory rates on crypto mining businesses and exempts home and business miners from any form of money transmitter status.
Also, the bill offers the state a legal definition of ‘virtual currency.’
Notably, Mississippi is one of the states in the US where the Satoshi Action Fund has been active. Fund CEO Dennis Porter mentioned at a meeting of the Mississippi Senate Finance Committee last month and highlighted the potential for crypto miners to utilize the orphaned oil and gas wells as a power source.
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Both the house and senate bills feature the orphan wells. The House bill proposes the setting up of a state Digital Asset Mining Council to consider the use of these wells as a mining power source and other issues that come up throughout the year. The House bill has passed the Ways and Means Committee but is not yet debated on the floor of the house.
Mississippi’s regulation contrasts with the 2-year moratorium on crypto mining that was passed in New York and signed into law in November 2022.
