House advances Blockchain Basics Act

The House on Tuesday advanced legislation that will address blockchain mining in Tennessee.

House Bill 2309, also known as the Blockchain Basics Act, will authorize digital asset mining businesses to operate in areas zoned for industrial use and will allow individuals to engage in home digital asset mining if in compliance with certain rules.

“Digital asset mining is a big business in Tennessee,” bill sponsor State Rep. Kevin Vaughan, R-Collierville, said. “We must create a regulatory framework that helps the mining process thrive while also protecting surrounding communities from excessive noise and other serious issues. This is proactive legislation that will welcome the digital asset industry to Tennessee with proper guardrails.”

House Bill 2309 will continue allowing local governments to set requirements in industrial areas, including noise requirements. However, it will prevent the same entities from changing the zoning of existing mining facilities and setting noise limits specific to digital asset mining.

Digital asset mining includes using electricity to secure a blockchain network and generate a controllable electronic record.

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