The State of Arkansas passed a ‘Right to Mine’ bill in the House and Senate as of 7 April. The bill comes as a notable development in the cryptocurrency market especially after the uncertainty that has surrounded the state of the digital assets over the last few years.
The aim of the bill is to facilitate the creation of the Arkansas Data Centers Act of 2023 as well as to clarify the regulation of the digital asset mining business.
Deep dive into the specifics
With the aforementioned bill, the State of Arkansas aims to promote a digital mining environment if the operating mining organizations comply with a set of regulations put forth by the state. These include concerned and applicable state laws and any ordinance concerning operations and safety.
Furthermore, a digital asset miner or mining organization must pay applicable taxes and government fees and operate in a way that doesn’t affect the day-to-day functioning of public utility’s generational capabilities or transmission network.
Additionally, the State of Arkansas aims to boost growth and development in the area with a growth in the number of data centers. The General Assembly also put forth the setting up of these centers keeping in mind the need for global growth, expansion of bandwidth, and the need for analytical research.
As of 7 April 2023, the Bill has to be signed by the Governor.