Bitcoin
Oklahoma drafts bill of rights for cryptocurrency creators, miners • The Register
The governor of Oklahoma has signed a bill that defines legal rights for one of the most marginalized groups in the US – cryptocurrency holders.
Starting November 1, 2024, all Oklahomans will have the inalienable right to self-custody of their digital assets and the right to mine cryptocurrencies at home, with the only restriction being that home rigs do not violate local noise laws.
Oklahomans are also being given the right to purchase legal goods and services with Bitcoin and other cryptocurrencies, and the government cannot “prohibit, restrict, or otherwise harm an individual’s ability” to do so.
For local citizens passionate about digital freedom, the state is prohibited from charging additional taxes or fees on the use of cryptocurrencies. Sales tax, yes; energy fees, no.
The law also requires state and local governments to treat commercial-scale crypto mining operations the same as data centers, and not establish any “discriminatory fees for digital asset mining companies.”
Finally, the law exempts both individuals and service providers who mine or stake cryptocurrencies from responsibility for processing specific transactions.
“I believe this bill positions us to attract more of this industry to our state,” said state Rep. Brian Hill (R-Mustang), who sponsored the Bitcoin bill of rights. counted local news.
“The great state of Oklahoma is not saying we are for, we are against, or any of the above,” Hill added. “We’re saying this is an entity, this is a commodity, this is something that Oklahomans are interested in owning, let’s make sure they have clarity on that and in that way it provides protections.”
With the desire to attract cryptocurrency mining operations come concerns about energy and resource usage. Fortunately for Oklahoma, known for the wind that blows across its plains, renewable energy is available in abundance. O fourth largest wind energy producer in USA, Oklahoma sources almost half of its energy comes from turbines.
Water, of course, is another thing entirely.
Oklahoma has long been known for its water problems — for example, the Dust Bowl — and the state’s Department of Environmental Quality said it has seen a increase in a climate similar to the drought in recent years. Other areas of Oklahoma are consistently drought-free, which one would expect to be where Bitcoin miners would choose to operate given the way thirsty for water Crypto mining tends to be large-scale.
The bill was signed into law earlier this week by Republican Gov. Kevin Stitt. ®