The Montana legislature passed a bill protecting the right to mine bitcoin, among other provisions. The bill is designed to give Bitcoin miners the right to mine “without being subject to undue discrimination or requirements.”
Bitcoin mining has faced difficulty with state and local level regulations in the past, so this bill provides legal certainty for the industry. Montana was one of the first states to provide legal protection for bitcoin mining.
The new legislation will also prohibit discriminatory digital asset mining utility rates, restrict local government powers related to digital asset mining, and prohibit certain taxes on the use of cryptocurrency as a means of payment.
In addition, the bill provides for digital assets as personal property. According to the bill, the Montana Public Service Commission may not establish a rate classification for digital asset mining, digital asset mining businesses or home digital asset mining that creates excessive discrimination. The bill also states that digital assets used as payment methods may not be subject to additional taxes or levies by state or local governments.
The bill will help Montana’s economy by providing legal certainty to the digital asset mining industry, encouraging investment in Montana, and attracting new businesses to the state. The bill also helps to ensure the stability of Montana’s electric grid.