Missoula County Approves Crypto Mining Regulation; Renewable Energy a Must

Wilfred Michael 

Wilfred Michael

News reporter

05 April 2019,
19:32
Missoula County Approves Crypto Mining Regulation; Renewable Energy a Must

The Board of Commission in Missoula, a county in U.S State Montana has reportedly approved the enactment of new regulations for firms in the region who engage in a cryptocurrency mining operation.

The new rules primarily focus on how to minimize the effects of the cryptocurrency mining operation on the county’s residents which includes noise pollution, high electric power consumption. The county’s authorities also hope that by rolling out the new rules, they can reduce their contribution to climate change.

Here are some of the significant rules enacted for cryptocurrency mining firms in Missoula:

  • Firms intending to engage in cryptocurrency mining or expand their operations must build renewable energy sources to offset 100% of the energy needed for their operations.

  • The renewable energy sources will be approved if it is a new structure aside from other previously existing electricity grids.

  • Mining firms are only allowed to exist within Light Industrial and Heavy Industrial districts and only after authorities have conducted a review.

  • Firms would also have to provide certification that their electronic wastes disposal will be handled by a recycling firm licensed by the Department of Environmental Quality.

  • Non-compliant firms will not be approved to expand their operations except they are doing so as a way to conform with the newly defined rules.

The newly defined rules became effective on April 4 and will last until April 3, 2020. After this one year, the Board of County Commissioners will decide in a public hearing whether or not to extend the regulations.

HyperBlock Complains About New Missoula Crypto Mining Rules

The Missoula reports that HyperBlock, a popular crypto mining firm in Missoula expressed dissatisfaction at the new rules for two reasons. First, the new rules were enacted within a short period (less than a month) and secondly, the firm was not involved in the decision-making process.

HyperBlock reportedly will consider filing a court case against the regulations. Authorities, on the other hand, claim the new rules will only affect HyperBlock if they decide to expand their operations.

Meanwhile, Stmarket.co has reported in the past that different regions in the U.S have chosen to regulate the cryptocurrency industry since Federal laws are not fast coming.  Ohio has decided to accept Bitcoin for taxes, Wyoming now classifies Bitcoin as money while Rhode Island lawmakers are pushing to exempt some crypto tokens from the state’s securities law.

 

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