North Carolina County’s Push To Halt Bitcoin Mining Another Blow To Industry Rattled By Regulation

Buncombe County’s plan to halt bitcoin mining for a year would be the latest setback for an industry facing regulatory pressures.

Buncombe County commissioners are pushing forward with a plan to impose a one-year pause on Bitcoin and cryptocurrency mining in the North Carolina county, citing concerns about its impact on the environment and the community according to reporting by WLOS ABC13. 

Currently, the county’s ordinances do not define cryptocurrency mining as a specific use, prompting officials to consider a temporary halt on the activity while regulations are developed.

A public hearing has been set for May 2 to discuss the proposed moratorium, providing the community with an opportunity to share their views on the issue.

The surge in mining operations across America has raised concerns amongst critics about the environmental impact of the activity. A Texas Senate committee recently hosted a hearing in regards to legislation that would limit energy agreements used by Bitcoin miners, along with stopping favorable tax legislation. This legislation passed through the Senate committee, bringing it one step closer to reality.

US Bitcoin Corp, a Bitcoin mining company operating in Niagara Falls, also recently reached a tentative agreement with the city to resume operations after the facility was halted by a state supreme court judge’s ruling.

Along with fines and legal fees, the miner would be forced to comply with noise ordinances and other regulations designed to limit the facility’s impact on its surrounding community. 

6 April 2023 20:00