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

Mango Markets exploiter trial heads to jury
Turner Wright2 hours agoMango Markets exploiter trial heads to juryAvi Eisenberg could face up to 20 years in prison if found guilty of commodities fraud and manipulation related to his alleged October 2022 exploit of Ma
Jesse Coghlan3 hours agoSingapore central bank releases regulatory framework for stablecoinsThe framework outlines requirements for stablecoin issuers to meet to be deemed as regulated by the Monetary Authority of Singap
Win a Limited Edition Franck Muller Bitcoin Cash Watch “Free the Money. Free the World.” With Bitcoin.com Exchange
Win a Limited Edition Franck Muller Bitcoin Cash Watch “Free the Money. Free the World.” With Bitcoin.com Exchange PRESS RELEASE. The Bitcoin.com Exchange te
Decentralized Web3 AI firm Theoriq joins Google startup accelerator
Tristan Greene5 hours agoDecentralized Web3 AI firm Theoriq joins Google startup acceleratorThe partnership looks to scale Theoriq’s platform for artificial intelligence agents.459 Total viewsListen to article 0:00News
‘Bitcoin’s No Longer Optional’ — What Investors Say About Paypal Launching Crypto Services
"Bitcoin"s No Longer Optional" — What Investors Say About Paypal Launching Crypto Services Paypal launching cryptocurrency services has given crypto investors
Ezra Reguerra12 hours agoXbox to enhance game dialogues with generative AI through new partnershipThe company will provide an AI toolset for game developers to improve scripts, dialogue trees and quests inside games.1696
Cointelegraph Accelerator16 hours agoHow Web3 improves data storage: GhostDrive joins Cointelegraph AcceleratorFileCoin-based data storage app GhostDrive focuses on user experience and encryption features.1169 Total view
Winklevoss twins become co-owners of Bitcoin soccer club, inject $4.5M of BTC
Ciaran Lyons7 hours agoWinklevoss twins become co-owners of Bitcoin soccer club, inject $4.5M of BTCThe Winklevoss twins are on board with Bitcoin podcaster Peter McCormack’s vision to take Real Bedford FC to the Engli
LTNM and OSO ATMs Enters Into a 3 Year Partnership to Install LTNM ATMs in the US
LTNM and OSO ATMs Enters Into a 3 Year Partnership to Install LTNM ATMs in the US press release PRESS RELEASE. Palo Alto, CA – LTNM, the next generation, insured asset-backed
How high can Bitcoin price go in the run-up to the US election?
Yashu Gola1 hour agoHow high can Bitcoin price go in the run-up to the US election?Bitcoin may reach a new record high in the days leading up to the Donald Trump-Kamala Harris faceoff in November, onchain and technical s
Xapo Bank debuts interest-bearing Bitcoin, fiat accounts in the UK
Savannah Fortis11 hours agoXapo Bank debuts interest-bearing Bitcoin, fiat accounts in the UKXapo Bank enters the UK market and becomes the first in the country to launch interest-bearing Bitcoin and fiat banking account
NFT Weekly Sales Volume Improves Jumping 17% Higher Than the Week Prior
NFT Weekly Sales Volume Improves Jumping 17% Higher Than the Week Prior After cryptocurrency assets jumped in value this week, following the Federal Reserve’s rate hike on W