Cryptocurrency mining regulations are just one step away from being implemented in the state of Arkansas. According to local media reports, on Tuesday in the state capital, two proposals aimed at tightening laws governing cryptocurrency mining in Arkansas were easily passed by a House committee.
Due to the passage of two pieces of legislation by the Arkansas State Assembly that may limit the industry’s operations, cryptocurrency mining is once again under investigation. The list coincides with crucial elections, where cryptocurrency voters will in any case have a major influence on the outcome.
Arkansas next with cryptocurrency mining regulation?
Although the proposed legislation was approved almost unanimously, a few lawmakers expressed concerns about specific provisions in both bills. This included the bills’ ability to address issues related to noise pollution caused by cryptocurrency mining facilities, the implications of limiting foreign investment in cryptocurrency mining operations, and awards from legal action taken against companies that violate these regulations.
After more than two hours of deliberations and inquiries from lawmakers regarding the content of the proposals, the House Committee on City, County and Local Affairs decided to approve the Senate bills.
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Cryptocurrency mining issues lead to harsh reactions
Cryptocurrency mining has long been criticized for its high energy consumption. Other than the fact that Bitcoin mining consumes a lot of electricity, there are other problems. There are problems with the labor-intensive process of creating the original currency, such as increased environmental damage and negative impacts on human resources. The following analysis highlights some of the key issues with the Bitcoin mining process.
The electronic waste generated by a labor-intensive and long-term process such as cryptocurrency mining is expected to be significant. According to Investopedia, Bitcoin mining results in an annual production of more than 77 kilotons of electrical waste. According to a recent estimate, the US economy lost $0.49 for every $1 of Bitcoin created in 2018.
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