Arkansas Legislature passes crypto mining bills for governor's approval

Two bills in the Arkansas Legislature involving crypto mining within the state are headed to Gov. Sarah Huckabee Sanders’s desk.Senate bills 78 and 79 amend existing crypto mining law, as well as add more regulations, according to bill sponsor Sen. Joshua Bryant, R-District 32.”Senate bill 78 does clarify local control for these facilities. Our cities and our county authorities do have the ability to pass ordinances that regulate nuisances if they choose to do that. Most of our counties don’t have the resources or the desire to regulate,” said Bryant.Crypto mining is the process of checking and securing digital transaction records called blockchains. When done successfully, crypto miners get new coins. Due to the complexity, this process requires a lot of computers and electricity.One of the new bills also prohibits foreign-party-controlled businesses from owning any digital asset mining business in the state.”I think important where you need the state regulatory system and oversight provides great legal standing for our citizens, and I think our citizens deserve that in the facing this new and emerging industry,” said Sen. Missy Irvin, R-District 24.Because they’re noisy, the bills also create rules that gives the state power to regulate how far a crypto mine has to be from neighborhoods and subdivisions.”What does is give that buffer of separation of 2000 feet or require them to use, and sound attenuation to ensure quiet and enjoyment. What Senate Bill 79 does is establish a regulatory authority that will give the state the authority to regulate and pursue action against those that choose not to follow that law,” said Bryant.The closest crypto mines to us are located in central Arkansas. According to Bryant, there are somewhere between three and six mines owned by a foreign entity. He said it’s difficult to determine exactly how many there are because, right now, the attorney general does not have the subpoena power for foreign owners.

LITTLE ROCK, Ark. —

Two bills in the Arkansas Legislature involving crypto mining within the state are headed to Gov. Sarah Huckabee Sanders’s desk.

Senate bills 78 and 79 amend existing crypto mining law, as well as add more regulations, according to bill sponsor Sen. Joshua Bryant, R-District 32.

“Senate bill 78 does clarify local control for these facilities. Our cities and our county authorities do have the ability to pass ordinances that regulate nuisances if they choose to do that. Most of our counties don’t have the resources or the desire to regulate,” said Bryant.

Crypto mining is the process of checking and securing digital transaction records called blockchains. When done successfully, crypto miners get new coins. Due to the complexity, this process requires a lot of computers and electricity.

One of the new bills also prohibits foreign-party-controlled businesses from owning any digital asset mining business in the state.

“I think important where you need the state regulatory system and oversight provides great legal standing for our citizens, and I think our citizens deserve that in the facing this new and emerging industry,” said Sen. Missy Irvin, R-District 24.

Because they’re noisy, the bills also create rules that gives the state power to regulate how far a crypto mine has to be from neighborhoods and subdivisions.

“What [Senate Bill 78] does is give that buffer of separation of 2000 feet or require them to use, and sound attenuation to ensure quiet and enjoyment. What Senate Bill 79 does is establish a regulatory authority that will give the state the authority to regulate and pursue action against those that choose not to follow that law,” said Bryant.

The closest crypto mines to us are located in central Arkansas. According to Bryant, there are somewhere between three and six mines owned by a foreign entity. He said it’s difficult to determine exactly how many there are because, right now, the attorney general does not have the subpoena power for foreign owners.

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