Fun

Arkansas house passes bills restricting crypto mining

News Feed - 2024-04-18 05:04:47

Amaka Nwaokocha3 minutes agoArkansas house passes bills restricting crypto miningMuch of the debate surrounds whether Act 851 should be changed and how specific those changes should be.20 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe Arkansas State House has passed two bills that could restrict cryptocurrency mining within the state. Although these bills have not yet evolved into full-fledged laws, they lay the groundwork for further discussions leading to potential legislation. 


In a Senate hearing on April 17, lawmakers sought to address general concerns such as noise reduction, foreign ownership, and the proximity of crypto mines to residential areas.


Two of the eight bills presented to the House on Wednesday passed, even though the Senate only approved one bill last week that addressed cryptocurrencies.


There is considerable debate about whether Act 851 should be amended and the level of detail those amendments should entail. The committees will discuss the matter before potentially passing a law either in the current fiscal session or the next one.


According to the bill, the Arkansas Data Centers Act of 2023 intends to regulate the Bitcoin mining industry in the American state, creating guidelines for miners and protecting them from discriminatory regulations and taxes.


Related:Crypto-focused lawmaker wants to lead House Financial Services Committee in 2025


The prolonged and energy-intensive process of Bitcoin mining faces criticism for the waste it generates. Investopedia states that Bitcoin mining produces over 77 kilotons of electrical waste each year.


Crypto mining also presents legal challenges outside the United States. Paraguay lawmakers proposed a bill to temporarily ban crypto mining and related activities in the South American nation, saying illegal crypto mines are stealing power and interrupting the electricity supply.


The proposed legislation aims to prohibit the establishment of crypto mining facilities and activities involving the creation, preservation, storage, and trade of cryptocurrencies.


However, Paraguayan senators have halted progress on the mining ban, and officials are now considering the benefits of selling excess energy from its Itaipu hydropower plant to miners.


Miners are facing pressure with this week’s upcoming Bitcoin halving. Miners could liquidate $5 billion worth of Bitcoin (BTC) in the months after the halving, according to the head of research at 10x Research, Markus Thielen.


“The overhang from this selling could last four to six months, explaining why Bitcoin might go sideways for the next few months — as it has done following past halvings,” he said.


Thielen added that the same could happen again, with crypto markets potentially facing “a significant challenge in a six-month ‘summer’ lull.”


Magazine:Wolf Of All Streets worries about a world where Bitcoin hits $1M: Hall of Flame# Bitcoin# Mining# Law# Government# Bitcoin Mining# RegulationAdd reaction

News Feed

Ethereum Poised For A 5-Figure Breakout – Volatility Is Shaking ‘Weak Hands’
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Crypto Hedge Funds Defraud $100 Million From Investors, Founder Faces 20 Years in Prison
Crypto Hedge Funds Defraud $100 Million From Investors, Founder Faces 20 Years in Prison The founder of two cryptocurrency hedge funds has been charged in U.S. f
Crypto Analyst Says Ethereum Will Outperform Bitcoin And Solana, Is $12,000 Possible?
Este artículo también está disponible en español. A top crypto analyst has issued a bold prediction for Ethereum, forecasting it will outperform both Bitcoin and Solana i
Onecoin Lawsuit Continues: Judge Lifts Stay Order, Investigators Search for ‘Crypto Queen’
Onecoin Lawsuit Continues: Judge Lifts Stay Order, Investigators Search for "Crypto Queen"In mid-April, news.Bitcoin.com reported on the unsealed indictment tied to the Onecoin cofo
OmegaPro co-founder arrested over $4B crypto scam
Tom Mitchelhill3 hours agoOmegaPro co-founder arrested over $4B crypto scamAndreas Szakacs, the co-founder of OmegaPro was arrested in Turkey in relation to his alleged involvement in a multibillion-dollar crypto scheme.
Sango – The First Digital Monetary System Built on Bitcoin
Sango - The First Digital Monetary System Built on Bitcoin press release PRESS RELEASE.Sango, the Central African Republic’s crypto-initiative, has set off a wave of exciteme
Tuttle Capital’s latest ETF aims to copy Congress’ stock picks
Felix Ng5 hours agoTuttle Capital’s latest ETF aims to copy Congress’ stock picksTuttle Capital is using U.S. lawmakers’ mandatory stock disclosure filings to back the strategy of its newly proposed ETF.2578 Total
Brayden Lindrea3 hours ago‘This will be our last post’ — LBRY throws in towel against the SEC“Thank you to everyone who fought with us for online freedom,” the LBRY team said.2496 Total views8 Total sharesList
Big Miners and Holders Keep Accumulating Bitcoin: Kraken’s ‘Shocktober’ Report
Big Miners and Holders Keep Accumulating Bitcoin: Kraken"s "Shocktober" Report Mining operators and holders keep accumulating Bitcoin, according to the latest Kraken intelligence r
BODEN memecoins briefly spike after Hunter Biden guilty verdit
Jesse Coghlan8 hours agoBODEN memecoins briefly spike after Hunter Biden guilty verditMisspelled memecoins referencing the U.S. first family surged after President Biden’s son was convicted of lying about being a drug
Attacker Hacks Arbitrum’s Treasure DAO for Over 100 NFTs by Leveraging Marketplace Exploit
Attacker Hacks Arbitrum"s Treasure DAO for Over 100 NFTs by Leveraging Marketplace Exploit A non-fungible token market platform built on top of Arbitrum called Treasure DAO was hac
Trump wants Bitcoin ‘made in the USA’ after hosting mining industry heads
Brayden Lindrea4 hours agoTrump wants Bitcoin ‘made in the USA’ after hosting mining industry headsThe presidential candidate showed his support for the crypto mining industry after executives pitched him on how they