The Missouri bill aims to equalize energy rates and location access for miners to encourage industry growth. State Representative Christofanelli proposes protections for Bitcoin mining against restrictive local noise ordinances. CleanSpark expands with new Bitcoin mining sites in Mississippi, while Riot advances a $333 million facility in Texas.
State Rep. Phil Christofanelli’s latest legislative proposal aims to establish Missouri as a welcoming hub for Bitcoin mining.
This initiative aims to boost the local economy while positioning Missouri alongside other progressive states in the adoption of digital assets.
US: Bitcoin Mining Bill Aims to Open the Gate
Christofanelli’s forward-thinking bill proposes a unique approach. Their goal is to treat Bitcoin miners like any other player in the energy sector.
He explained that “Our state should welcome this type of new and innovative currency to the market. “We just want asset miners to be treated like everyone else in the energy economy.”
This sentiment reflects a growing recognition of the potential economic benefits that Bitcoin mining can bring to a region.
A key aspect of the bill is the emphasis on fair play. It seeks to prevent the Missouri Public Utilities Commission from setting exorbitant energy costs for cryptocurrencies, a move that resonates with the principle of equality.
Christofanelli concluded by saying that “We are trying to look to the future and want Missouri to be a crypto-free state. And we are going to lead the country in this.”
Crypto Miners as Energy Consumers
Crypto miners offer critical network stabilization benefits to the communities in which they operate. These capabilities were on full display during recent periods of cold weather in Texas, which the EIA boldly cites in its justification for this misguided action. If the stated justification for this emergency action (concern about the potential for data centers to overload the network) can be trusted, other industries, such as financial institutions and social media companies, should now be aware as well. of this new and disturbing tactic.
Bitcoin miners are the economically perfect consumers of electricity. This is not to say that Bitcoin miners will altruistically consume electricity, but rather that they are so sensitive to the price of Bitcoin that they are economically incentivized to reduce their consumption when energy prices exceed their equilibrium point (the current equilibrium for the majority). miners ranges between $100 and $200 per megawatt hour, with some exceptions for miners with hosting contracts that have uptime requirements).
USA: Southern States Lead the Pack
Amid this legislative effort, the cryptocurrency industry is seeing 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 continued 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 jump in infrastructure and capacity.
This development will create numerous jobs and drive economic growth. This also shows the industry’s ability to contribute positively to local communities.
Missouri’s legislative efforts paint a picture of a burgeoning industry poised to redefine economic landscapes.
As states like Missouri seek to foster an enabling environment for crypto businesses, the industry continues to evolve, demonstrating its potential as a major player in the modern economy.
By Audy Castaneda
