In the US state of Oklahoma with a population of 4 million, a bill has been submitted to encourage Bitcoin mining companies.
Shortly after Oklahoma Governor Kevin Stitt announced that Northern Data, one of the world's largest cryptocurrency mining companies, would establish a headquarters in the state, Senator John Montgomery introduced a bill called the "Commercial Digital Asset Mining Act of 2022."
The bill aims to attract more cryptocurrency mining companies to Oklahoma. If the bill becomes law, incentives not exceeding $5 million will be created for companies.
The bill, which was put to a vote in the Senate on Tuesday, passed with the support of both parties with 29 votes to 16. The bill, which was later moved to the lower house, was referred to the technology committee on March 30.
The US share in global Bitcoin mining is growing. While the US-based Bitcoin mining pool Foundry USA has a share of close to 20 percent among all pools, the share of the USA in mining is close to 40 percent.
Finally, an important milestone has been left behind in Bitcoin mining recently. The 19 millionth BTC was mined on Friday, leaving only 2 million BTC to be mined over nearly 120 years.
What Is Bitcoin Mining?
Bitcoin mining is the process by which new bitcoins are entered into circulation. It is also the way the network confirms new transactions and is a critical component of the blockchain ledger's maintenance and development. "Mining" is performed using sophisticated hardware that solves an extremely complex computational math problem. The first computer to find the solution to the problem receives the next block of bitcoins and the process begins again.
Bitcoin miners help keep the Bitcoin network secure by approving transactions. Mining is an important and integral part of Bitcoin that ensures fairness while keeping the Bitcoin network stable, safe and secure.