Cryptocurrency mining requires: huge amount of computing power Electricity is also required to continue the digital calculations and to cool the machines doing the work.
St. Charles County lawmakers want to make it easier for entrepreneurs to establish mines in Missouri. propose a bill This prevents local governments from restricting the location of mining operations or imposing stricter noise regulations than other industries.
A bill introduced by state Rep. Phil Cristofanelli, R-St. Peters, would allow the Missouri Public Service Commission to agree to set electricity rates for cryptomining higher than rates charged to other industries. It is also prohibited.
Cristofanelli told the House Select Committee on Innovation and Technology on Tuesday that protections are needed to foster industries that bring jobs and money to Missouri’s economy.
“Our country should welcome this type of new and innovative currency to the market,” Cristofanelli said. “We just want asset extractors to be treated like other people in the energy economy.”
Missouri should allow cryptomining, but not exempt it from local regulations or protect it from PSC decisions that take into account the additional costs of connecting to and supplying new large electricity users, Sierra said. Michael Berg, the club’s state political director, told the committee.
“Being next to these operations is like having a jet engine idling on the nearby tarmac all the time,” Berg said. “The community should be allowed to deal with it.”
Under Mr. Cristofanelli’s bill, which was not voted on Tuesday, anyone in the state could start a cryptomining operation from their home “as long as they comply with all local noise ordinances.” The ordinance cannot set noise limits for home cryptomining. More stringent than other restrictions on noise pollution.
Local governments must allow cryptocurrency mining in industrial areas, and noise regulations cannot be stricter than those for other industries. It would also be prohibited to change the zoning of virtual currency mining for the purpose of ceasing business operations.
In an exchange with state Rep. Bridget Walsh Moore, a St. Louis Democrat, Cristofanelli said local governments can include provisions regarding cryptocurrency mining in their zoning ordinances, but they cannot exclude companies. Stated.
“We still seem to be tying local government’s hands,” Walsh-Moore said.
“Well, that’s what we do here in Congress,” Cristofanelli responded.
Bitcoin, the most famous cryptocurrency, and other cryptocurrencies are generated from so-called blockchains, which were invented to create secure and encrypted online documents and transactions. Once you complete a block, you will be rewarded with the mined currency.
It would take years for a single computer to complete the blocks that run the Bitcoin algorithm, but large computers can do it. Faster. Currently, you can earn 6.25 Bitcoins for completing a block. Based on market prices as of Tuesday afternoon, that’s nearly $270,000.
If passed, Missouri would be one of the few states with laws protecting cryptomining and blocking local regulation. Arkansas was first, followed by Montana.
The New York Times is Article published on Saturdaydescribed how residents of a home about 100 yards from a cryptomining facility were forced indoors by the noise of the loud cooling fans needed to run the computers 24 hours a day.
The Times also reported that parts of the Arkansas bill “were drafted by the Mississippi-based nonprofit advocacy group Satoshi Action Fund.” The co-founder of the Satoshi Action Fund worked in the Trump administration to undo Obama-era climate change policies.
Dennis Porter, chief executive of the Satoshi Action Fund, was the first to testify in favor of Cristofanelli’s bill. He said the bill would encourage local jobs and investment and support privacy in market transactions.
He said the bill “is not asking for special privileges.” All it asks is for states to allow Bitcoin and digital asset businesses to grow without fear of discrimination. ”
Berg told the committee that large-scale digital currency mining operations require noise and the construction of energy supplies such as new power lines and substations. He said regulators should not be required to spread those costs to other customers in electricity bills.
“This is not about freedom,” Berg said. “This is about large, wealthy crypto players who want to make it difficult for the PSC to hold them accountable and protect the public.”
Asked after the hearing how local governments could regulate cryptomining operations against noise and other nuisances, Cristofanelli said they could use right-of-way ordinances to protect homes.
However, most counties in Missouri do not have zoning laws. Although the authority to pass ordinances is much more limited than local governments, Cristofanelli said he believes he has enough authority to enact a general noise ordinance.
“You can adjust the noise level,” he says. “I’ve never heard of anyone not being able to do that.”
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