A bill that seeks to regulate Bitcoin (BTC) mining activity in Arkansas has approved in the state House of Representatives and Senate. The bill will now go to the governor's office for approval.
According In addition to the bill, the Arkansas Data Center Act of 2023 is intended to regulate the Bitcoin mining industry in the American state, creating guidelines for miners and protecting them from discriminatory regulations and taxes.
Arkansas state lawmakers quickly approved the bill after Sen. Joshua Bryant proposed it on March 30. The document acknowledges "that data centers create jobs, pay taxes and provide overall economic value to local communities."
According to the approved bill, a digital asset miner is required to "pay applicable taxes and government fees in acceptable forms of currency and operate in a manner that does not cause stress on a company's generation or transmission network capabilities." electrical public services".
Under the legislation, cryptominers will also have the same rights as data centers. The bill outlines that the Arkansas government should not "impose a different requirement for a digital asset mining business than it would for any requirement for a data center."
Related: Cryptomining in 2023: Is it still worth it? See market talks
The Arkansas measure follows a similar initiative in the state of Montana. In late March, the Montana Senate passed a bill to protect cryptominers operating within the state. The bill aims to protect miners against taxes on digital assets used for payments and remove energy fees that discriminate against domestic crypto miners and digital asset companies.
The state of Texas took a different direction. His Senate Business and Commerce Committee passed a law on April 4 that essentially remove incentives for miners operating under the state's crypto-friendly regulatory environment, Cointelegraph reported.
An even more decisive move came from New York in November 2022 when Governor Kathy Hochul signed the proof-of-work mining moratorium law into law, banning cryptomining activities in the state for two years. At the federal level, crypto miners in the United States could eventually be subject to a 30% tax on electricity costs according to a budget proposal. introduced on March 9 by President Joe Biden It was aimed at โreducing mining activityโ.
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