Skip to main content

Pennsylvania State House Committee Passes Bill on ‘Reporting Requirements’ for Crypto Miners

Pennsylvania State House Committee Passes Bill on 'Reporting Requirements' for Crypto Miners

The Environmental Resources and Energy Committee of the Pennsylvania General Assembly recently passed a bill which proposes “reporting requirements for qualifying crypto-asset mining operations.” Sponsor of the draft legislation Greg Vitali said the bill “doesn’t prohibit any cryptocurrency operation from operating in any way.”

Reporting Requirements for Crypto Miners

The Pennsylvania House Environmental Resources and Energy Committee recently passed a bill on “reporting requirements for qualifying crypto-asset mining operations and for an impact study.” The committee also reportedly voted to remove the two-year moratorium on new mining operations from Bill 1476.

According to a report published by The Centre Square, the bill was passed despite resistance by Republicans on the committee. Sponsored by committee chairman Greg Vitali, the bill will now be forwarded to the full house. Explaining why he pushed for the bill’s passage, Vitali reportedly said:

This bill simply is a reporting and study bill. It doesn’t prohibit any cryptocurrency operation from operating in any way. It simply requires them to report what they are doing. Right now we’re in a situation where many cryptocurrency operations are gravitating towards Pennsylvania and we simply don’t know where they are and what they’re doing.

As per the draft bill, owners of qualifying crypto-asset mining operations will be required to furnish authorities with “the number and geographic locations” of any such operations. The type of mining machines, and their purchase as well as their retirement dates. As expected, the proposed law also requires crypto miners to share with authorities the amount of electricity consumed as well as when it is used.

However, Martin Causer, a Republican from Bradford, who opposed the bill, said the reporting standards proposed in the Vitali-sponsored bill are “burdensome and not necessary.” Concerning crypto miners’ alleged contribution to the State’s pollution legacy, the Republican representative said:

“A lot of these operations utilize waste coal and actually are beneficial to cleaning up waste coal in the commonwealth — which I think is beneficial.”

What are your thoughts on this story? Let us know what you think in the comments section below.



from Bitcoin News https://ift.tt/9wATeaM
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more

2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K

As bitcoin has touched new price highs on Thursday nearing the $50k handle, people have been curious as to where the price will go in the future. Meanwhile, despite the gains so far, a number of luminaries, analysts, executives, and proponents from the crypto space believe the leading crypto asset will reach between $60k to six-digits this year. Mike Novogratz Predicts $100K Bitcoin: ‘Other CFOs and CEOs Are Saying, What Should We Be Doing?’ Satoshi Nakamoto’s invention has gained mass appeal in recent times as the leading digital asset bitcoin ( BTC ) has reached its highest value ever in 2021. On Thursday morning (EST), BTC spiked to an all-time high (ATH) at $48,697 per unit. Earlier in the morning at around 2 a.m., bitcoin was exchanging hands for $44,485 and saw an 8.98% increase since then. At the time of publication, at 6:30 p.m. (EST) on February 11, 2021, bitcoin (BTC) is swapping for $47,821 per coin. With BTC so close to the $50k mark, people have been forecasting ...
Post a Comment
Read more