Regulation
Arkansas House Committee Approves Cryptocurrency Mining Regulation Bills
Cryptocurrency mining regulations are just one step away from being implemented in the state of Arkansas. According to local media reports that on Tuesday in the state capital, two proposals aimed at strengthening laws governing cryptocurrency mining in Arkansas were comfortably passed by a House committee.
Due to the passage of two laws by the Arkansas State House that could limit the industry’s operations, cryptocurrency mining is once again under investigation. The regulation coincides with critical elections, in which crypto voters will have significant influence on the outcome anyway.
Is Arkansas Next to Regulate Cryptocurrency Mining?
Although the bill was approved almost unanimously, a few lawmakers expressed concerns about specific provisions of both bills. These include the bills’ ability to address issues related to noise pollution from ccryptocurrency mining facilitiesthe implications of limiting foreign investment in cryptocurrency mining operations and the distribution of rewards from legal action taken against companies that violate these regulations.
After more than two hours of deliberations and inquiries by lawmakers regarding the substance of the proposals, the House Municipal, County and Local Affairs Committee decided to approve the Senate bills.
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Crypto Mining Problems Lead to Severe Responses
Cryptocurrency mining has always been criticized due to its high energy consumption. Besides the fact that Bitcoin mining consumes a lot of electricity, there are other problems. The labor-intensive process of creating the original piece poses problems, such as increased environmental damage and negative effects on human resources. The following analysis highlights some key issues with the Bitcoin mining process.
E-waste from a time-consuming and labor-intensive process like cryptocurrency mining is expected to be significant. According to Investopedia, Bitcoin mining results in the annual production of over 77 kilotons of e-waste. According to a recent estimate, the US economy lost $0.49 for every dollar of Bitcoin created in 2018.
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