Green light for cryptocurrencies: Oklahoma wants to change laws to attract miners to the state
Oklahoma State Senators John Montgomery and Ryan Martinez have proposed a draft law that would cut miners’ electricity and hardware costs due to $5 million in subsidies.
If the state legislature accepts the changes proposed by the senators, then the miners will be able to count on the same tax benefits as the creators of new high-tech industries.
The draft law has already been approved by the Oklahoma State Senate and is in the lower house of the Legislative Assembly. The profile technology committee has begun to consider this proposal.
It is worth noting that in the United States such changes have become very commonplace, because in this way new jobs are created in the regions and a favorable climate for investment appears. For example, in the state of Georgia, a draft law on preferential taxation of miners has been under consideration for a month now. Kentucky law, which has been in force for a year, also offers tax benefits to miners.
However, such “hothouse” conditions are not typical for all states. In New York, on the contrary, the authorities banned any mining on the Proof-of-Work (PoW) algorithm, including bitcoin, for two years.
Commercial mining of digital assets uses blockchain technology, which is an industrial process and should be taxed under the same conditions as historical forms of industrial production, in order to encourage the location and expansion of such industries in Oklahoma, and not in other countries of competing states,the explanatory note to this law says.
