Arkansas House Passes Two Bills Restricting Crypto Mining
Crypto mining has come again under scrutiny as the Arkansas State House has passed two bills that could likely restrict the activity in the place. The scrutiny comes right ahead of crucial elections, which anyways will see crypto voters playing an important part in the selection process. However, these bills have not yet translated into full-fledged laws.
Arkansas State to Likely Restrict Crypto Mining
According to local media reports, two proposals that could limit cryptocurrency mining were passed by the Arkansas House on Wednesday. Although they are not currently laws, they open the door for further debate and eventual adoption.
Act 851, a policy that safeguards cryptocurrency mining, was supported by more than 90% of state lawmakers last year. However, during the 2024 legislative session, lawmakers are reversing this decision by voting in favor of eight different related legislation in the House.
Two of the eight legislation that were presented to the House on Wednesday passed, even though the Senate only approved one bill last week that addressed cryptocurrencies.
Before a potential law is passed during this fiscal session or the next, the committees will need to continue their discussion.
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Issues With Crypto Mining
Because crypto mining uses a lot of power, it has always drawn criticism. However, Bitcoin mining has problems other than that it uses a lot of electricity. Issues with the rigorous process of developing the original coin include consequences for human resources as well as increased environmental damage. A few significant problems with the Bitcoin mining process are highlighted in the analysis that follows.
E-waste from a drawn-out and intensive operation such as Bitcoin mining is expected to be substantial. As a consequence of mining Bitcoin, Investopedia reports that the process produces over 77 kilotons of electrical waste annually. A recent analysis found that for every $1 in value of Bitcoin created in 2018, the US economy suffered losses of $0.49. The same figure translates into $0.37 in economic losses for China.
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