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Marketplace Tech

“Right-to-mine” crypto laws are making their way across the U.S.

Marketplace Tech

Marketplace

News, Technology

4.51.3K Ratings

🗓️ 20 May 2024

⏱️ 12 minutes

🧾️ Download transcript

Summary

If you drive 45 miles north of Little Rock, Arkansas, you’ll come across a facility packed with thousands of computers trying to “mine” the next bitcoin. The popular cryptocurrency’s value recently shot past $60,000 per bitcoin. Mining those bitcoins is a lucrative operation, and several crypto mining outfits have moved to the state since the passage of the Arkansas Data Centers Act last year, also known as the “right-to-mine” bill. Similar bills giving crypto mining operations protections from local regulations have popped up a couple of states. But it turns out residents don’t particularly welcome many of these operations. And Arkansas recently changed course and restored to municipalities the ability to regulate crypto miners. Marketplace’s Lily Jamali recently spoke with Gabriel Dance, senior deputy investigations editor at The New York Times, about the crypto mining situation in Arkansas. He explained what the biggest complaints have been since these mining operations moved in.

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Transcript

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0:28.4

Bitcoin Boosters take their pitch to the states.

0:35.0

From American public media, this is Marketplace Tech.

0:38.0

I'm Lily Dramale. A 45 minute drive north of Little Rock, Arkansas sits a facility packed with thousands of computers trying

0:55.1

to mine the next Bitcoin. With the popular cryptocurrency now hovering at around

1:00.2

$65,000 a pop.

1:02.7

It's a lucrative operation, one of several

1:05.2

that have flocked to the state since the passage last year

1:08.6

of the Arkansas Data Centers Act,

1:11.0

also known as the Right to Mine Bill backed by the industry.

1:15.0

Similar bills giving crypto mining operations protections from local regulations have popped

1:20.0

up in a couple of states.

1:22.0

Turns out residents don't particularly welcome these operations.

1:25.4

Well, Arkansas recently changed course and restored to municipalities the ability to

1:31.2

regulate crypto miners.

1:33.0

Gabriel Dance of the New York Times has visited Arkansas

1:36.0

and explained what the biggest complaints have been since these mining operations moved in.

1:41.0

The biggest concern I heard in Arkansas specifically and I visited mines in

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