Arkansas Approves ‘Right To Mine’ Bill To Protect Bitcoin Miners
Key Points:
- According to state legislative documents, Arkansas has enacted a law to preserve the local right to mine cryptocurrencies.
- The Arkansas Data Centers Act of 2023 would establish restrictions for Bitcoin miners while also attempting to combat fraudulent business activities.
- The Satoshi Action Fund, which was key in crafting the measure, hailed its passage.
The Arkansas State House has enacted legislation to regulate the state’s Bitcoin mining companies. The law has already cleared the State Senate and now goes to the governor’s office for approval.
The Arkansas Data Centers Act of 2023 would establish restrictions for Bitcoin miners while also attempting to combat fraudulent business activities.
According to the archives, the law was approved by the House and Senate on April 6. On April 7, it was registered and delivered to the Governor’s office for approval.
The act seeks to prohibit local governments from putting limits on crypto-mining operations.
The bill proposes that a Bitcoin mining operation may operate in the state if it follows state laws governing business guidelines and tax policies, and ordinances governing operations and safety, any rules or rates for utility service provided by or on behalf of a public entity, and state and federal employment laws.
Local governments are prohibited from enacting legislation that applies directly to crypto mining enterprises, such as tailored anti-noise laws, zoning rules, and commercial laws, according to the law. The legislation also states that mining companies have the right to challenge zoning changes.
It also suggests that miners pay appropriate taxes and government fees in accepted forms of money and operate in a way that does not put a strain on an electric public utility’s generating or transmission network. The measure also permits people to conduct home Bitcoin mining in accordance with appropriate utility regulations and tariffs.
Additionally, the bill states that Arkansas’ public energy provider may not charge crypto-mining clients unreasonably discriminatory prices.
The measure seeks to acknowledge that data centers generate employment, pay taxes, and contribute to the overall economic well-being of local communities and the state. It explains the standards required to safeguard Bitcoin miners from unfair industry restrictions and taxes.
It defines numerous crucial terminology, including “digital asset,” which refers to Bitcoin and cryptocurrencies. It also defines a “digital asset miner” as someone who mines for digital assets and “digital asset mining” as the use of energy to operate a computer in order to secure or validate a blockchain network.
The Satoshi Action Fund, which was key in crafting the measure, hailed its passage. Arkansas’ decision comes on the heels of Missouri’s decisive 12-0 approval of a similar ‘Right to Mine’ measure earlier this month. With the developing digital asset business, crypto mining has been a source of heated controversy, with both sides debating the technique.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
Author
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Arkansas Approves ‘Right To Mine’ Bill To Protect Bitcoin Miners
Key Points:
- According to state legislative documents, Arkansas has enacted a law to preserve the local right to mine cryptocurrencies.
- The Arkansas Data Centers Act of 2023 would establish restrictions for Bitcoin miners while also attempting to combat fraudulent business activities.
- The Satoshi Action Fund, which was key in crafting the measure, hailed its passage.
The Arkansas State House has enacted legislation to regulate the state’s Bitcoin mining companies. The law has already cleared the State Senate and now goes to the governor’s office for approval.
The Arkansas Data Centers Act of 2023 would establish restrictions for Bitcoin miners while also attempting to combat fraudulent business activities.
According to the archives, the law was approved by the House and Senate on April 6. On April 7, it was registered and delivered to the Governor’s office for approval.
The act seeks to prohibit local governments from putting limits on crypto-mining operations.
The bill proposes that a Bitcoin mining operation may operate in the state if it follows state laws governing business guidelines and tax policies, and ordinances governing operations and safety, any rules or rates for utility service provided by or on behalf of a public entity, and state and federal employment laws.
Local governments are prohibited from enacting legislation that applies directly to crypto mining enterprises, such as tailored anti-noise laws, zoning rules, and commercial laws, according to the law. The legislation also states that mining companies have the right to challenge zoning changes.
It also suggests that miners pay appropriate taxes and government fees in accepted forms of money and operate in a way that does not put a strain on an electric public utility’s generating or transmission network. The measure also permits people to conduct home Bitcoin mining in accordance with appropriate utility regulations and tariffs.
Additionally, the bill states that Arkansas’ public energy provider may not charge crypto-mining clients unreasonably discriminatory prices.
The measure seeks to acknowledge that data centers generate employment, pay taxes, and contribute to the overall economic well-being of local communities and the state. It explains the standards required to safeguard Bitcoin miners from unfair industry restrictions and taxes.
It defines numerous crucial terminology, including “digital asset,” which refers to Bitcoin and cryptocurrencies. It also defines a “digital asset miner” as someone who mines for digital assets and “digital asset mining” as the use of energy to operate a computer in order to secure or validate a blockchain network.
The Satoshi Action Fund, which was key in crafting the measure, hailed its passage. Arkansas’ decision comes on the heels of Missouri’s decisive 12-0 approval of a similar ‘Right to Mine’ measure earlier this month. With the developing digital asset business, crypto mining has been a source of heated controversy, with both sides debating the technique.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
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