Regulators in Mississippi have passed Senate Bill 2603 into law. Senator Josh Harkins drafted the Digital Asset Mining Act (DAMA) to improve crypto mining activities in Mississippi. A report from the senate revealed that most members approved the bill on February 8, aiming to oversee the operation of the crypto mining activity in the state.
Crypto-Friendly Rules in Mississippi
A tweet released by the Mississippi regulators on February 9 revealed that the senate had approved the digital asset mining bill. Initially, the regulators reigning in the crypto realm exposed the miners to stringent local and state policies.
The attempt to protect the crypto miners from exploitive regulation mandated the senate to draft a crypto-friendly bill.
According to the bill, miners must control noise from the home mines. The proposed bill outlines the requirements for miners working in a data center. Also, miners who desire to shift their mines without legal permission can appeal.
The bill exempts the Mississippi Public Service Commission from implementing discriminatory rates in the crypto mining industry. All crypto mines within the region are excluded from transmitter status. Furthermore, the bill clarifies the scope of virtual currency.
Crypto Mining Activities in Mississippi
In the US, most crypto mines based in Mississippi are the Satoshi Action Fund beneficiaries. Early in January, Satoshi chief executive Dennis Porter guided the policymakers in Mississippi in seeking an alternative energy supply for Bitcoin mining activities.
Porter proposed that miners adopt traditional power supply, including gas and oil, due to the spiking energy cost.
Porter’s proposal was echoed by the region’s senate and the House of Representatives. The policymakers pushed for the formation of the Digital Assets Mining Council (DAMC), which will support monitoring the power supply in Bitcoin mines. The council will be tasked to settle disputes on energy supply matters.
Following this, the House of Representatives passed House Bill 848, which controls the operation of the Ways and Means Committee.
Mississippi follows the footsteps of New York, which passed the proof-of-work (PoW) crypto mining moratorium that will last for the next two years.
In the meantime, the bill awaits approval of the House of Representatives and the governor’s signature at the final stage.
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