Impact of Missouri's Mining Bill: What's Next?

I've noticed a lot of excitement from folks in different crypto circles about this new bill from Missouri that aims to support miners. Some believe it could give the market a bullish push. Considering New York just cracked down on crypto mining, is it really worth fighting for something like what Satoshi Act Fund is trying to do? After all, miners can still operate in other states without being caught or penalized until they get booted out. This new bill was passed with a unanimous 12-0 vote, allowing miners to pay the same electricity rates as other businesses, which is definitely a win for them. But I gotta wonder why all the government officials got behind this bill 12-0 is impressive. Are they starting to see the potential in mining?

As precedent for other states maybe, but in the US the federal law is the bigger problem and this is state level. (see weed federal vs local laws)

Short Version: Probably not. Longer Version: If you don't have competitive rates and other things then 'protecting' miners against getting gouged is irreverent. Missouri electric rates are good but not great. There are states that have cheaper industrial power rates. And on top of that you have states like Texas that will take money out of it's citizens pockets to reimburse miners when they have to go offline and allow them to sell power back at a premium: https://fortune.com/2022/07/12/texas-bitcoin-miners-paid-shut-down-power-grid-electricity-blackout-heat/ https://www.theregister.com/2022/08/03/texas_bitcoin_power/ So there are enough other things out there to lure miners to other states. -Dave

Nice read, didn't think about the possibility of offering such a service to the Government, the Riot blockchain still made themselves better profits on the long run even without mining with all the Electricity they possessed. Miners can find Texas a better dwelling place, especially when Electricity consumption is at its peak. Making more money aside Mining bitcoin, indeed its attractive. If the Missouri Government wants Miners in their state by offering same electricity rate, it could be they're concealing their intentions in a way of attracting more miners into the state, which will in return boost the Government's pocket through tax, electricity bill and others.

Or not..... https://beincrypto.com/texas-lawmakers-pass-bill-limiting-bitcoin-mining/ This is going to be interesting if it passes, a lot of places moved to TX since they are giving them a good deal. If this passes and that goes away I can see them moving to more friendly states again. They moved there, they can just as easily move out when someplace else gives them a deal. -Dave

North Carolina County Mulls 1-Year Bitcoin Mining Moratorium North Carolina’s Buncombe County is considering a 1-year moratorium on new and existing Bitcoin mining operations in the area. The pause would give the county's Board of Commissioners time to “develop standards and mitigation methods for intensive land uses that may pose detrimental harm to the natural environment,” reads a county document first reported by local news outlet News 13 WSOL. The board will discuss and finalize the issue in a public hearing on May 2, 2023.

I was not certain where I should share this article, however, the good news on bitcoin mining in America continues in Arkansas. This new bill will protect miners from being attacked through the use of government regulations and be protected from discriminatory policies. The skeptical me thinks that some of the backers of these politicians might have invested in bitcoin already. A new bill aimed at regulating Bitcoin mining in Arkansas has been approved by both the House of Representatives and Senate and is now awaiting Governor Sarah Huckabee Sanders’ signature. The Arkansas Data Centers Act of 2023 seeks to establish guidelines for Bitcoin miners and protect them from discriminatory regulations and taxes, guaranteeing that firms have the same rights as data centers. Source https://decrypt.co/125811/bitcoin-miners-will-have-same-rights-data-centers-says-new-arkansas-bill

The bill that will be introduced into the Missouri Legislature is also very simple, but one thing I'm sure he won't do is to get to the stage of the law enforcement on his behalf and to keep him out of it, so his bill could also be implemented in various states through the courts.              It has been said in his tweet that he's got a good track record with bitcoin and some of them are also against it.