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HomeNewsOklahoma Makes History: Governor Signs Crypto Bill Exempting Bitcoin Miners from Electricity...

Oklahoma Makes History: Governor Signs Crypto Bill Exempting Bitcoin Miners from Electricity Sales Tax

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In a groundbreaking move, Oklahoma Governor Kevin Stitt has signed a landmark bill, HB1600, exempting Bitcoin miners from electricity sales tax. This historic legislation makes Oklahoma the first state in the nation to take a significant step towards advancing self-governance in the cryptocurrency sector. The bill’s signing has catapulted Oklahoma to the top spot in the country, boasting the most effective power rate for Bitcoin mining.

The Oklahoma Bitcoin Association hailed the bill as a major victory, stating that it will empower the Bitcoin mining industry, revolutionize power purchasing, and optimize the use of existing assets. The association emphasized that Oklahoma is “ready, willing, and able to invest in the success of the mining industry in our state.”

This development comes on the heels of another significant bill passed in May 2024, HB 3594, which protects the rights of cryptocurrency users and prohibits the state government from levying additional taxes on cryptocurrency. The two bills are expected to revolutionize and navigate crypto regulations within the cryptocurrency and Bitcoin mining sectors.

The Oklahoma bill is a significant step towards supporting the Bitcoin mining industry, which has faced increased scrutiny from the Securities and Exchange Commission (SEC) in recent times. The bill’s signing is seen as a major boost to the industry, particularly in light of the growing competition from other countries.

The US has set its sights on becoming the leading Bitcoin mining nation, with a goal to mine the remaining 3 million BTC within the country. The signing of the Oklahoma bill is seen as a significant step towards achieving this goal.

In related news, former President Donald Trump has announced his support for Bitcoin mining, promising to advocate for the industry if elected president. Trump met with representatives of leading Bitcoin mining firms on Tuesday, further solidifying his commitment to the industry.

As the Bitcoin mining industry continues to evolve, Oklahoma’s bold move is expected to attract major mining companies to set up operations in the state. With its new status as the state with the most effective power rate for Bitcoin mining, Oklahoma is poised to become a hub for cryptocurrency and Bitcoin mining activity.

STATS:

  • Current circulating supply of Bitcoin: 19 million BTC (according to CMC data)
  • Goal: Mine the remaining 3 million BTC within the US
  • Oklahoma’s new status: Most effective power rate for Bitcoin mining

Source: NewsCrypto

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