Bitcoin mining gets the approval of these senators

The Arkansas House of Representatives and Senate have given the green light to a bill dealing with the legalization and regulation of bitcoin mining.

The Arkansas Data Center Act of 2023, named after invoice In the question, it states that bitcoin miners can operate in this state As long as they comply with the legal guidelines set for tradingas well as with their financial obligations.

Another obligation of those who practice bitcoin mining in Arkansas is to pay taxes and fees set by the government, in “accepted types of currencies”. Although it is not defined exactly what this term means, focus does They will not accept cryptocurrency payments.

In terms of electricity consumption, mining companies are free to use the local electricity network to fill this need, provided that it is It does not affect the ability of generating or transmitting power.

Domestic bitcoin mining was also included in the considerations of this bill and the senators who approved it. In your case, the sole obligation indicated is to comply with applicable public service regulations and rates.

According to this law, the difference between domestic and commercial mining is the amount of energy they demand. If the average annual mining farm consumes more than 1 megawatt (1 megawatt) of energy, it is considered a business.

This bill also defines a number of terms related to mining, such as: digital asset (which refers to cryptocurrencies), digital asset miner, node, and home digital mining, among others. In addition, senators Learn about the importance of bitcoin mining farms to the Arkansas communityBecause it creates sources of employment and pays taxes.

While some cities in the United States are opening their doors to mining, others appear to be doing the opposite. CriptoNoticias reported this week that the introduction of a bill in Texas to create a backup electric grid could seriously affect the development of bitcoin mining in that state.

For its part, the Montana Senate approved a bill in February this year that seeks to protect bitcoin mining rights. The proposal, which is now in the hands of the House of Representatives for approval, would protect miners small and large from inflated charges for electrical service and shutdowns of active operations.