Louisiana joins growing list of US states supporting crypto mining


Louisiana has become the latest US state to support cryptocurrency mining, as more areas of the country are becoming attracted to digital assets. A newly signed bill is expected to protect the rights of crypto mining individuals and businesses, who can continue to operate in the state as long as they are in compliance with local regulations. The US crypto market is becoming the largest in the world and its industry size is projected to reach a valuation of $23,220 million by the end of the year.

The Growing Acceptance of Crypto Mining Businesses in the US

The governor of Louisiana has signed a bill to promote the growth of businesses related to crypto mining activities in the state, while the state has banned the use of central bank digital currencies or CBDCs. The state of Louisiana is among other states in the US that are enacting laws around crypto that could open up job opportunities and sources of revenue for the state treasury.

The bill HB 488 protects the rights of individuals and businesses engaged in crypto mining to continue operating in compliance with local noise ordinances. The bill states that businesses engaged in crypto mining on a commercial scale are directed to set up shops in industrial zones located across the state.

In addition, the bill now prohibits all foreign parties from controlling digital mining businesses.

Louisiana’s support for crypto mining could help generate revenue and also open up employment opportunities in the state, which reportedly has over 4.6 million citizens living there. However, crypto mining is infamous for consuming a lot of electricity, disrupting power supply for local residents.

The global cryptocurrency mining market was valued at $1.92 billion (roughly Rs. 16,017 crores) in 2022 and is reportedly projected to reach $7 billion (roughly Rs. 58,398 crores) by 2032. According to JPMorgan, the bitcoin mining sector is reportedly receiving interest from investors.

The states of Oklahoma, Arkansas, Kentucky, and Florida are also taking similar steps in favor of crypto mining, while the federal government is working on comprehensive legislation to oversee the overall crypto sector.

Crypto Mining in Other Countries

Due to the electrical load that crypto mining businesses put on the power grid, several countries have decided to ban their operations. In May, Venezuela banned crypto mining and confiscated thousands of mining computers.

Norway also cracked down on crypto mining businesses in April this year.

Affiliate links may be automatically generated – see our ethics statement for details.


Please enter your comment!
Please enter your name here

Share post:




More like this

A Side Sleeper Test & Review Popular Body Pillows (2024)

being a party This can be challenging for the...

How to Protect Your Startup from Email Scams

For years, it's been claimed that the "end of...