🚨 Time is Running Out: Reserve Your Spot in the Lucky Draw & Claim Rewards! START NOW
Learn to gain real rewards

Learn to gain real rewards

Collect Bits, boost your Degree and gain actual rewards!

New
Video Courses
Video Courses
Deprecated
Scale your career with online video courses. Dive into your learning adventure!
Learn to gain real rewards

Learn to gain real rewards

Collect Bits, boost your Degree and gain actual rewards!

New
Video Courses
Video Courses
Deprecated
Scale your career with online video courses. Dive into your learning adventure!

Legislators in Oklahoma Propose Tax Breaks for Bitcoin Miners

Legislators in Oklahoma Propose Tax Breaks for Bitcoin Miners

With the latest bill, the South Central region in the United States is looking to become an attractive destination for blockchain firms and investors.

From the time that President Joe Biden has signed the Executive Order on cryptocurrencies, the United States has started to move a lot faster in terms of blockchain technology adoption. According to a bill issued by the Oklahoma Senate, and supported by Senator John Montogomery and State Representative Ryan Martinez, Bitcoin miners might be exempt from some of the operational taxes to draw attention to the region:

"Blockchain technology used in the commercial mining of digital assets is an industrial process that should be taxed in a manner similar to historical forms of manufacturing or industrial processing in order to encourage the location and expansion of such operations in this state rather than in competing states."

What is Algorand? ALGO Coin Explained With Animations

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

What is Algorand? ALGO Coin Explained With Animations

What is Algorand? ALGO Coin Explained With Animations What is Algorand? ALGO Coin Explained With Animations

Likewise, by establishing the Commercial Digital Asset Mining Act of 2022, Bitcoin mining rigs and electricity would become much cheaper for commercial miners. The bill reads:

"The sale of machinery and equipment including but not limited to servers and computers, racks, power distribution units, cabling, switchgear, transformers, substations, software, network equipment, and electricity used for commercial mining of digital assets in a colocation facility shall be exempt from the tax imposed by Section 1350…"

North America, after the crypto blanket ban in China, has taken the title of the global crypto mining hub, with several blockchain firms seeing the potential in the region. Based on the report by a Canadian Bitcoin mining firm Hut 8, the company generated approximately CA$174M (~$140M) last year from mining operations and hosting services.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

Loading...
binance
×
Verified

$600 WELCOME BONUS

Earn Huge Exclusive Binance Learners Rewards
Rating