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- 1 Arkansas is witnessing an emergence of a number of crypto miners in the region.
- 2 The regulatory environment for digital assets in the US is still ambiguous.
The United States’ stance on saving the climate has the crypto mining sector in the dire straits. An Arkansas local news media, KATV, reported that a mining facility in the city of Vilonia must stop operations, city council decided. Local residents raised concerns over constant drone from the facility.
Crypto Mining Stirring Troubles For Denizens
Gladys Anderson, a local denizen, highlighted medical issues in the family due to Green Digital LLC crypto mining operations. She said, “It’s caused a lot of headaches…I’ve been to the doctor over headaches.” Adding that, “My son is currently in the backyard having a meltdown.” She mentioned her son is diagnosed with Autism.
The company’s heavy equipment used for mining crypto creates a lot of noise. The crypto miner assured that they would install sound walls, KATV reported, but never did. Cryptocurrency mining is considered an energy-intensive activity that contributes to the increase in greenhouse gasses in the environment.
Arkansas is witnessing an emergence of a number of crypto miners in the region. KATV writes that Arkansas Act 851 might be the reason for the scenario. The bill lays emphasis on needed ‘guidance for future industry growth’ in the state. Additionally, it mentions a proper tax framework and prevention from fraudulent activities associated with crypto.
Additionally, the bill also highlights prevention of excess electricity consumption in the state by crypto mining activities. Carbon emissions from a variety of economic activities are among the primary matters at hand with the U.S. government. A few companies are coming up with techniques to reduce carbon footprints from certain industrial acts.
A crypto mining facility in the Finger Lakes region in New York City also witnessed citizens’ rage over environmental concerns. According to an American news agency, United Press International (UPI), protests erupted after Greenidge Generation continued to operate despite the government’s denial for air permit renewal.
The protestors said that, “Now, a year later, Greenidge is still operating as it appeals that decision — accelerating climate change, harming the environment, and threatening the Finger Lakes’ $3 billion, 60,000-employee agritourism economy,”
A Regulatory Tug-of-War on Crypto Mining
While environmental concerns continue to be raised, a few regulators are favoring ‘positive regulations’ for the crypto sector. Junior state senator from Wyoming, Cynthia Lummis, tweeted last month, they had prevented “digital asset mining tax from being included in the debt ceiling deal.”
We successfully prevented @POTUS' 30% digital asset mining tax from being included in the debt ceiling deal but the fight is far from over.
— Senator Cynthia Lummis (@SenLummis) June 10, 2023
I am working on a regulatory framework that will allow individuals and companies to own and trade digital assets in America.
Stay tuned…
U.S. regulators are yet to provide clarity over the regulatory framework governing the crypto sector. Different regulators continue to make overlapping claims over digital assets. Many officials and politicians favor tight regulations considering risks associated with digital assets, while some regulators believe the sector may add to development in the country.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
