Montana Governor Greg Gianforte has signed Senate Bill 178, prohibiting government interference in the activities of mining companies.
The law is meant to protect companies from “unjustified infringement [of rights] or requirements,” and bans discriminatory electricity tariffs and taxation of cryptocurrency used as a payment method.
The bill is expected to bolster the state’s economy by providing legal certainty to the mining industry and encouraging investment.
In contrast, Texas recently proposed limiting benefits for cryptocurrency miners, removing tax incentives, and requiring organizations with a capacity of more than 10 MW to register with the state power provider ERCOT.
Additionally, the US Treasury has proposed an excise tax for mining companies, and President Joe Biden’s Council of Economic Advisers has suggested a 30% tax on electricity used in cryptocurrency mining for the federal budget.