Arkansas House Authorizes Introduction of Stricter Regulations on Cryptocurrency Mining
The Arkansas House took a stand on cryptocurrency mining regulations this week, with two bills passing and six others failing to gain enough votes. The proposed bills aimed to amend Act 851 of 2023, which limited the state’s ability to regulate crypto mining operations.
One of the failed resolutions, sponsored by Rep. Josh Miller, would have banned the use of computers or software manufactured by foreign entities in crypto mining in Arkansas. Another resolution would have required crypto mining businesses to pay a fee for extraordinary electrical energy usage.
Sen. Bryan King, a strong advocate for regulating crypto mining, expressed disappointment in the outcome of the House vote, believing that the “fix is in” for crypto mines to thrive in Arkansas. Concerns have been raised over foreign ownership of crypto mines and their impact on national security.
Despite the failed resolutions, two policies did pass the House, including one that places noise limits on crypto mines and prohibits ownership by certain foreign entities. Another resolution would require crypto mines to be licensed by the state Department of Energy and Environment.
The debate in the House highlighted the challenges of regulating crypto mining, with some legislators arguing for more comprehensive measures to address noise, foreign ownership, and proximity to residential areas.
The issue of crypto mining has sparked controversy in various communities in Arkansas, with concerns over noise pollution, water usage, and property values. The impact of crypto mining on rural areas and the state’s economy has been a topic of discussion among lawmakers.
As the debate continues, it remains to be seen how Arkansas will navigate the regulation of crypto mining operations in the state. Stay tuned for more updates on this developing story.
