The state of Arkansas has become the latest in the United States to pass a bill aimed at protecting the right to mine cryptocurrency. The bill, called The Arkansas Data Centers Act of 2023, was passed by the House and Senate on April 6 and enrolled and sent to the Governor’s office for approval on April 7.
The main purpose of the bill is to prevent local governments from imposing certain restrictions on crypto mining activities. According to the legislation, local governments should not create laws that apply specifically to crypto mining operations, such as targeted anti-noise laws, zoning laws, and business laws. The bill also ensures that mining firms can appeal zoning changes.
In addition to this, the Arkansas public utility provider will not be able to impose “unreasonably discriminatory rates” on crypto mining customers. This is seen as an important step in protecting the local right to mine cryptocurrency.
Other US states have already passed similar laws aimed at protecting crypto mining activities. Missouri and Montana both have laws in place that provide protection to mining firms. However, other jurisdictions, often below the state level, have imposed restrictions on mining.
The passing of this bill in Arkansas is seen as a positive step for the crypto industry in the state, which has seen a growing interest in cryptocurrency mining activities. With the introduction of this law, it is expected that more firms will be attracted to the state as a location for their mining operations.
Overall, the trend towards the protection of the right to mine cryptocurrency is a positive development for the industry, as it provides certainty and stability for mining firms. This is crucial, given the significant investment required to set up and run a mining operation. With more states taking steps to protect mining activities, it is hoped that the industry will continue to grow and develop in the coming years.
