Arkansas will soon Pass Bill to Regulate Bitcoin Mining and Protect Miners' Rights

Arkansas will soon Pass Bill to Regulate Bitcoin Mining and Protect Miners' Rights

The state of Arkansas will soon pass a new bill that aims to regulate Bitcoin mining in the state. The Arkansas Data Centers Act of 2023 has been approved by both the House of Representatives and Senate and is now waiting for Governor Sarah Huckabee Sanders’ signature. The bill proposes to establish guidelines for Bitcoin miners and protect them from discriminatory regulations and taxes, ensuring that they have the same rights as data centers.

The bill defines certain terms related to digital asset mining. For instance, "digital asset mining business" refers to a collection of computers located at a single site that consumes over one megawatt (1MW) of power on average per year to generate digital assets through blockchain network security. The legislation also seeks to protect individuals engaged in cryptocurrency mining from their homes.

Moreover, it states that “an individual may utilize a node in this state for the purpose of operating home digital asset mining at the individual's residence according to applicable utility rules and rates.” The bill also specifies that the Arkansas government cannot impose unique requirements that are different from those imposed on data centers. As a result, “discrimination against digital asset mining business [is] prohibited,” states paragraph 14-1-505 of the bill.

In contrast, Texas is considering removing incentives for Bitcoin miners through Bill 1751, which was unanimously approved in a state Senate committee vote. However, lobbying groups opposing the legislation hope that it doesn't become a law. On the other hand, at the federal level, crypto miners may soon be liable for a 30% tax on their electricity expenses if President Biden's budget proposal is enacted.

 

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