Arkansas House Committee Approves Legislation regarding Regulation of Cryptocurrency Mining
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Crypto mining regulations are on the verge of being implemented in Arkansas. According to local media reports, two proposals aimed at tightening laws around crypto mining in Arkansas passed a House committee in the state capitol on Tuesday.
The Arkansas State House passing two bills that could restrict operations in the cryptocurrency mining industry has sparked a new investigation into the sector. These regulations come at a crucial time during upcoming elections where crypto voters are expected to play a significant role.
Arkansas Next With Crypto Mining Regulation?
Despite the almost unanimous approval of the proposed legislation, some lawmakers raised concerns about certain provisions in the bills. These concerns included how noise pollution from crypto mining facilities would be addressed, the impact of limiting foreign investment in mining operations, and the distribution of penalties for companies violating these regulations.
After more than two hours of deliberation and questioning from legislators on the content of the proposals, the House City, County, and Local Affairs committee decided to pass the Senate bills.
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Crypto Mining Issues Drive Harsh Responses
Criticism of crypto mining has often centered around its high energy consumption. In addition to the substantial electricity usage associated with mining Bitcoin, there are other concerns. Issues include the labor-intensive process of minting new coins, which can lead to environmental damage and negative impacts on human resources. Here are some key problems associated with the Bitcoin mining process.
It is estimated that the electronic waste generated by a resource-intensive process like crypto mining will be significant. According to Investopedia, mining Bitcoin results in over 77 kilotons of electronic waste being produced annually. A recent estimate suggests that for every $1 worth of Bitcoin created in 2018, the US economy lost $0.49.
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