Buncombe County’s plan to halt bitcoin mining for another year would be a setback for an industry facing regulatory pressure.
Buncombe County commissioners are moving forward with a plan to impose a one-year moratorium on bitcoin and cryptocurrency mining in North Carolina County, citing concerns about its impact on the environment and community according to reports by WLOS ABC13.
Currently, provincial laws do not define cryptocurrency mining as a specific use, leading officials to consider a temporary halt to the activity while regulations are developed.
A public hearing is scheduled 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 among critics about the environmental impact of this activity. A Texas Senate committee recently hosted a hearing regarding legislation that would limit power agreements used by bitcoin miners, along with stopping favorable tax legislation. This legislation Passed Through a Senate committee, bringing it closer to reality.
Bitcoin Corp., a bitcoin mining company operating in Niagara Falls, also recently reached a preliminary agreement with the city to resume operations after a state Supreme Court judge halted the facility.
Besides fines and legal fees, the miner will have to comply with noise ordinances and other regulations designed to limit the impact of the facility on the surrounding community.