Arkansas House Passes Two Bills Restricting Crypto Mining

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Crypto mining is facing renewed criticism as the Arkansas State House has approved two bills that may limit the practice within the state. This review comes just before significant elections, during which crypto supporters are expected to significantly influence the outcome. Nonetheless, these bills have not been converted into law yet.

Arkansas State to Likely Restrict Crypto Mining

Based on news from the local media outlets, the Arkansas House approved two suggestions this week that may restrict cryptocurrency mining. These proposals haven’t become laws yet but serve as starting points for ongoing discussions and potential implementation in the future.

Last year, over 90% of state lawmakers endorsed Act 851, which protects cryptocurrency mining. Yet, during the 2024 legislative session, a reversal is underway as lawmakers have proposed and are likely to approve eight pieces of related legislation in the House that go against this previous decision.

Two out of the eight proposed laws introduced to the House on Wednesday were given the green light, despite the fact that the Senate had endorsed just one cryptocurrency-related bill the previous week.

During this fiscal session or the one coming up, the committees must keep deliberating on a prospective law before it gets passed.

Issues With Crypto Mining

Crypto mining, particularly Bitcoin, has long faced criticism due to its high energy consumption. Yet, this is just one concern surrounding Bitcoin mining. The creation of the original coin comes with additional challenges. From a human resources perspective, the process can be rigorous and demanding. Furthermore, there’s an increased environmental impact that cannot be ignored. In the ensuing analysis, we delve deeper into some of the major issues plaguing Bitcoin mining.

Bitcoin mining is known to result in significant amounts of electronic waste due to its energy-consuming nature. According to Investopedia, this process generates approximately 77 kilotons of electrical waste every year. An analysis conducted in 2018 revealed that for each dollar’s worth of Bitcoin produced, the US economy experienced losses of $0.49. Similarly, China suffered economic losses amounting to $0.37 for every dollar’s value of Bitcoin created during the same period.

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2024-04-18 04:03