NewRays Challenges Arkansas Ordinance Restricting Bitcoin Mining

Cryptocurrency mining, specifically Bitcoin mining, has become profitable in the past few years, per finance and digital assets experts. In terms of maintaining and expanding its dominance over the digital asset mining industry, publicly traded companies are expanding their operation in several nations.

As per recent information, a known Bitcoin mining company, NewRays, has decided to fight back against the officials of Arkansas as they allegedly are hindering its operation in the region.  

The company claims that Arkansas officials have been using an ordinance to restrict its regional operation. Additional data notes that the firm bought land in Faulkner County, Arkansas, at the beginning of Q4 2022 to run its data centre. There were no restrictions when it purchased the land, but after a few months, the residents complained of loud noise. 

After receiving complaints, the administration officially passed a new law to limit the noise, which resulted in hindrances to operations. Digital asset mining produces huge noise because of the processors and other rigs used to solve challenging computational puzzles. 

As per the new laws, if a sound above the decided decibel is produced, the related company will be liable to pay penalties.

While talking to a media outlet, Johann Kerbrat, the VP and GM of Robinhood, clarified the rumours of the company’s stablecoin, noting that “ At this point, we don’t have any immediate plan to launch a stablecoin. The rumours are always interesting, but we haven’t really spent time on it.”

Todayq reported that a whale allegedly lost over $32.4 million in a scam by Inferno Drainer. The victim’s wallet was wiped out due to a dangerous transaction, resulting in losses of over a thousand in cryptocurrency tokens.

The scam involved over 12k spWETH tokens wiped out from Spark, a known decentralized finance. The worth of stolen funds was $33430334.02 as of writing. 

Today, Binance, the top centralized cryptocurrency exchange, revealed that it has gathered a full Digital Asset Trading Facility (DATF) license from Astana Financial Services Authority (AFSA).

Bitcoin surged over 8.10% in the past seven days, reaching $63,505; it’s intraday trading volume grew 25%, reaching $37,270,818,60. 

Ethereum prices showed steadiness and tumbled between $2,500 to $2,692, now trading at $2,628. Fantom rules the intraday gainer’s list as it surged 11.30%, reaching $0.761, and Bonk reached $0.00002574, adding 10.18% and growing 44.02% in a week. 

Since the bankrupt FTX announced a repayment plan, the FTT token has seen significant traction in the past seven days; it grew 64.21%, reaching $2.23. However, it is also the topper of the weekly gainers list, followed by Bonk, Dogwifhat, and Pepe.