NewsletterArkansas House Committee Clears Bills on Crypto Mining Regulations
Highlights
- Two proposals intended to tighten laws governing crypto mining in Arkansas comfortably passed a House committee.
- Even though the proposed legislation was almost unanimously approved, a few lawmakers voiced concerns about specific provisions of both bills.
- Crypto mining has always been criticized due of its high power consumption.
Crypto mining regulations are just one step away from being implemented in the state of Arkansas. According to local media reports, on Tuesday in the state capitol, two proposals intended to tighten laws governing crypto mining in Arkansas comfortably passed a House committee.
Due to the passage of two legislation by the Arkansas State House that may limit the industry’s operations, cryptocurrency mining is once again under investigation. The regulation coincides with critical elections, in which crypto voters will in any case have a significant influence on the outcome.
Arkansas Next With Crypto Mining Regulation?
Even though the proposed legislation was almost unanimously approved, a few lawmakers voiced concerns about specific provisions of both bills. These included the bills’ ability to address issues related to noise pollution from cryptocurrency mining facilities, the implications of limiting foreign investment in cryptocurrency mining operations, and the distribution of awards from legal actions taken against companies that break these regulations.
Following over two hours of deliberation and inquiries from legislators regarding the substance of the proposals, the House City, County, and Local Affairs committee decided to approve the Senate bills.
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Crypto Mining Issues Drive Harsh Responses
Crypto mining has always been criticized due of its high power consumption. Other than the fact that mining Bitcoin consumes a lot of electricity, there are other issues. There are problems with the labor-intensive process of creating the original coin, such as increasing environmental harm and negative effects on human resources. The analysis that follows highlights a few key issues with the Bitcoin mining process.
It is projected that e-waste from a labor-intensive and prolonged process like crypto mining will be significant. According to Investopedia, mining Bitcoin results in the annual production of over 77 kilotons of electrical waste. According to a recent estimate, the US economy lost $0.49 for every $1 worth of Bitcoin that was created in 2018.
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