Arkansas Senate Passes Bills Related to Cryptomining as Fiscal Session Nears End

The Arkansas Senate has passed bills related to cryptomining that are now making their way through the House committee as the 2024 Arkansas fiscal session nears its end. These bills, Senate Bill 78 and SB 79, aim to amend the Arkansas Data Centers Act of 2023, which initially deregulated the cryptocurrency industry in the state.

The proposed amendments to the act address concerns such as excessive noise levels from cooling fans at crypto mines, potential ties to foreign governments like China, and strains on local water tables caused by water usage in cooling servers. The bills are set to be heard on the House floor on Thursday morning.

Steve Landers Jr., a prominent figure in the cryptocurrency industry and member of the Arkansas Blockchain Council, has been advocating for the industry and pushing for regulations to ensure compliance among crypto-mining operators. He emphasized the importance of distinguishing between “bad actors” and legitimate operators in the industry.

Landers and the council are also working towards making cryptocurrency more accessible and less intimidating to the general public. They aim to introduce cryptocurrency education in Arkansas schools and provide opportunities for individuals to own servers within established mines, allowing them to earn income from processing transactions.

Furthermore, Landers highlighted the broader applications of blockchain technology beyond cryptocurrency, such as securing elections and shipping manifests. He envisions Arkansas becoming a leader in the crypto industry by equipping students with the necessary knowledge and skills.

With grant money available to fund the addition of a crypto curriculum in schools, Landers hopes to see it implemented by the end of the year. The push for regulations and education in the crypto industry reflects a growing interest and acceptance of cryptocurrency in Arkansas and beyond.