The Governor of Oklahoma has signed a groundbreaking bill that exempts Bitcoin miners from electricity sales tax, signaling the state’s commitment to advancing self-governance in the cryptocurrency sector. This move has positioned Oklahoma as the first state in the nation to make significant strides in the field of crypto and Bitcoin mining.
The bill, known as ‘HB1600’, has established Oklahoma as having the most competitive power rates in the country, thanks to Governor Kevin Stitt’s endorsement. By offering the most affordable power rates for Bitcoin mining, Oklahoma is poised to attract major mining companies and foster industry growth within its borders.
The Oklahoma Bitcoin Association has lauded the bill as a pivotal step towards empowering the Bitcoin mining industry, as it aims to revolutionize power procurement, asset utilization, and power grid optimization. The association emphasized the importance of this legislation in shaping the future of crypto regulations in the state.
In a related development, in May 2024, Oklahoma passed the ‘HB 3594’ bill to safeguard the rights of cryptocurrency users, preventing any restrictions or additional taxes imposed by the state government. These legislative measures are expected to pave the way for a new era in crypto regulations and Bitcoin mining practices.
Meanwhile, former President Donald Trump has made headlines with his endorsement of Bitcoin mining, pledging to champion the industry if elected. This announcement comes at a time when the US is striving to become a leading Bitcoin mining nation, with aspirations to mine the remaining 3 million BTC within its borders.
As the cryptocurrency landscape continues to evolve, the Oklahoma Bill stands as a testament to the nation’s commitment to supporting the Bitcoin mining industry amidst increasing scrutiny from regulatory bodies like the SEC. With Bitcoin’s current circulating supply standing at 19 million BTC according to CMC data, the future of crypto mining in the US looks promising.
In other news, Toncoin and Tether have emerged as standout performers in the crypto market this week, showcasing the growing influence and potential of digital assets in the financial sector.