The latest legislative proposal from State Rep. Phil Christofanelli aims to establish Missouri as a welcoming hub for Bitcoin mining.
This initiative aims to bolster the local economy while positioning Missouri alongside other progressive states in embracing digital assets.
Bitcoin Mining Bill Aims to Open the Door
Christofanelli’s bill, steeped in forward-thinking, proposes a unique approach. Its goal is to treat Bitcoin miners just like any other player in the energy sector.
“Our state should welcome this type of new and innovative currency into the marketplace. We just want asset miners treated like everybody else in the energy economy.”
This sentiment reflects a growing recognition of the potential economic benefits that Bitcoin mining can bring to a region.
Read more: How To Mine Cryptocurrency: A Step-by-Step Guide
A pivotal aspect of the bill is the emphasis on fair play. It seeks to prevent the Missouri Public Service Commission from setting exorbitant power costs for cryptomines, a move that resonates with the principle of equality.
“We’re trying to look ahead, and we want Missouri to be a crypto-freedom state. And we’re going to lead the country on this.”
Southern States Lead the Pack
Amidst this legislative endeavor, the cryptocurrency industry is witnessing substantial growth in other parts of the United States. CleanSpark, a Bitcoin mining giant, recently expanded its operations with the acquisition of three mining facilities in Mississippi for $19.8 million.
Zach Bradford, CEO of CleanSpark, commented on the expansion,
“With the addition of Mississippi to our portfolio, we are gradually increasing our geographic diversity.”
This move is a testament to the industry’s resilience in the face of regulatory challenges and its ongoing commitment to innovation and growth.
Similarly, Riot is making headlines with its ambitious project in Corsicana, Texas. The company is investing approximately $333 million in a 1 gigawatt Bitcoin mining facility, reflecting a significant leap in infrastructure and capacity.
This development is set to create numerous jobs and drive economic growth. This also showcases the industry’s ability to contribute positively to local communities.
Missouri’s legislative efforts paint a picture of a flourishing industry ready to redefine economic landscapes. As states like Missouri look to foster a conducive environment for crypto enterprises, the industry continues to evolve, demonstrating its potential as a significant player in the modern economy.