The Arkansas House of Representatives and Senate passed a Bitcoin mining regulation bill intending to safeguard miners.
The Arkansas Data Centers Act of 2023 aims to stop unethical business activities by establishing proper regulations for Bitcoin miners.
The bill notes that miners are “to pay applicable taxes and government fees in acceptable forms of currency and operate in a manner that causes no stress on an electric public utility’s generation capabilities or transmission network.“
The bitcoin mining regulation bill proposed by Rep Rick McClure and Senator Joshua Bryant now awaits the governor’s office approval. Crypto miners get the same rights as data centers as stated in the bill, which Arkansas acknowledges as being beneficial to the local economy.
Individuals who pay the right utility charges can run home Bitcoin mining operations, as noted in the bill. The bill explains the rules required to shield Bitcoin miners from unfair industry-specific taxes and restrictions.
Additionally, it defines “digital asset miner” as a person who mines for digital assets and “digital asset mining” as the process of running a computer on energy in order to secure or validate a blockchain network.
Similarly, the Montana State Senate passed a bill in February that intends to safeguard at-home mining, stop unfair utility rates for miners, and establish that cryptocurrency used for payment would not be subject to additional taxes.