Arkansas House Passes Bill to Give Legal Protection to Bitcoin Mining
The State House of Arkansas comprises of Senate and House of Representatives. The lawmaking assembly has recently passed a bill on the matter of Bitcoin mining enterprises. The bill deals with offering protection to the Bitcoin miners in the state of Arkansas, and it is now passed to the governor’s office for final approval and addition to the legal system.
The bill is titled Arkansas Data Centers Act for 2023, and it has granted legal protection for Bitcoin mining enterprises.
Representative Rick McClure is sponsoring this bill in association with Senator Joshua Bryant. The bill was proposed in the House and was sent for reading on 30th March 2023. Since last month, there have been several readings of the said bill among the Committee members at the Senate and the House.
Therefore, some amendments are also added to this bill. The governor’s office is now working on the bill for final signature and approval.
Bitcoin Mining Act
By the decree of this bill, Bitcoin miners will be able to comply with the local tax laws of the state. At the same time, the mining operators will also get a legal definition as a business. If this bill gets a green signal from the governor, Bitcoin miners will be able to keep their operations live within the electric supply usage limitations.
The bill has not shared any specific definition of the electric supply limit for Bitcoin mining rigs. At the same time, individual miners can also set up localized Bitcoin mining rigs and cover them under their utility bills.
Dennis Porter has co-founded a non-profit organization named Satoshi Action Fund. He was also acting as the CEO of the same firm and mentioned the bill in the latest tweet. He claimed that Arkansas became the first state in the USA to legalize the right to mining. He also called this instance a victory and a positive development for the crypto community members.
He has shared plans for joining Sarah Huckabee Sanders for the Bitcoin Mining Bill signing ceremony. This bill has also set a precedent for others by implementing zoning changes for Bitcoin miners.
The bill warrants that Bitcoin miners may operate as legitimate businesses, and thus they will pay the normal commercial charges to the power grid rather than hiked prices. This bill has also defined many crypto-related terms, such as digital assets, mining, nodes, and even digital assets, under the scope of Bitcoin mining businesses.
Importance of Arkansas’s Mining Bill
The Bitcoin mining bill passed by Arkansas has made a big impact in the current legislative environment that has become more retraining towards Bitcoin and the crypto community.
There are some places like Montana and Missouri where the local administrators have passed similar restricting bills. Meanwhile, some state regulators have imposed a crackdown on the Bitcoin mining community for environmental concerns and put the local grid systems under stress. One such place is New York which has legalized a two-year exodus of miners.
Meanwhile, some other jurisdictions, such as Buncombe County of North Carolina, are debating bringing more restrictions for local Bitcoin mining operations. Texas is among the states that are working on revoking mining incentives for Bitcoiners, and the said bill is now in the local Senate.
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