Mississippi Digital Asset Mining Act; create.
The act allows individuals and businesses to engage in home and industrial digital asset mining with stipulations on zoning and operational requirements. Particularly, it aims to prevent local governments from imposing stricter regulations on noise and operational capabilities than those applied to similar industries, thus promoting a more business-friendly environment in Mississippi. Additionally, the Mississippi Public Service Commission is restricted from creating discriminatory electricity rates for digital asset mining businesses, which could make the state a more appealing destination for such operations.
House Bill 848, known as the Mississippi Digital Asset Mining Act, establishes a legal framework for digital asset mining within the state. The bill aims to define 'virtual currency' and exempt certain transactions related to buying, selling, and custody of virtual currencies from the Mississippi Money Transmitters Act. It recognizes the growing significance of digital asset mining, highlighting its potential to create jobs and economic value, particularly following the ban on such activities in China.
While the bill aims to foster growth in the digital asset sector, it faces potential contention regarding the environmental and infrastructural implications of increased energy consumption associated with digital asset mining. The bill establishes a Mississippi Digital Asset Mining Council, tasked with assessing the impact of this industry on the state's economy and power infrastructure, which may raise concerns about energy sustainability and resource allocation among stakeholders.