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- 1 A senator from Nebraska presented a bill in the House to reshape crypto and bitcoin mining activities.
- 2 Analysts believe that the bill came in light of increasing crypto adoption globally. /a>
- 3 The Kingdom of Bhutan has been secretly developing several bitcoin mining facilities- Forbes.
Nebraska introduced a bill to shape the crypto and Bitcoin mining activities, licensing, and ownership.
Eliot Bostar, a State Senator of Nebraska, came up with a bill in the House on January 05, 2024. The introduced bill will practically adopt the Blockchain Basics Act in the state, ushering in new industry standards amid more comprehensive regulations.
Dozens of market analysts believe that the bill will structure a framework to recognize the fundamental rights of Bitcoin holders, encouraging a thriving ecosystem and ensuring freedom.
It is also predicted that a significant spike in crypto adoption in the region is expected following the bill’s adoption. The bill was introduced during the stir of Bitcoin spot ETFs. So, it is assumed that companies might head towards the area as the laws are transparent and favorable.
Many other nations are actively working to ease and structure a transparent set of rules for the crypto industry. Hong Kong has shown a keen interest in crypto and has made significant decisions favoring the sector.
Introducing a bill in Nebraska will help the authority identify who is operating nodes in the nation without proper licensing. Earlier, it was observed by the authorities that people were performing mining activities in residential buildings without a license.
Before the official cryptocurrency ban in China, it was among the leading hubs of crypto miners. However, the region is currently out of the race to become a crypto hub, but its neighboring region, Hong Kong, is actively engaged in crypto.
In past quarters, dozens of companies filed for operation licenses in Hong Kong, and analysts also claim that it will become a crypto hub in the coming years.
Crypto firms are excluded from mining activities because they must operate out of industrial regions, while others must comply with noise rules in the neighborhood. The ability to run a node within the bill would ensure Bitcoin’s decentralized structure and boost community involvement.
Most users have characterized the development as a watershed in US market-friendly regulations.
Is Bhutan Secretly Operating Bitcoin Mines?
According to a Forbes investigation, the Kingdom of Bhutan has been developing a number of bitcoin mining facilities in secret.
The agency claimed that it used Planet Labs, Satellite Vu, and Google Earth and collected satellite images that appear to be four crypto-mining facilities that have never been made public.
One site was found near Dochula Pass, a sacred place with 108 memorial shrines, while the others were discovered in Trongsa, a hilly hamlet in the country’s center, Dagana in the south, and an area known as “Education City,” a failed $1 billion government effort to boost the economy.
El Salvador is now the only country in the world that operates state-owned cryptocurrency miners.
When writing, Bitcoin traded at $45,024.36 with an intraday surge of 2.27%. However, its trading volume grew by over 75% in the same time frame.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
