Louisiana Joins Growing List of US States that Support Crypto Mining

The state of Louisiana is among others in the US that are tailoring laws around crypto that could open job opportunities and revenue streams.

Louisiana Joins Growing List of US States that Support Crypto Mining

Photo Credit: Bloomberg

The crypto mining sector is projected to reach $7 billion by 2032

  • Crypto mining businesses can open job opportunities
  • Crypto mining can bring revenue to friendly regions
  • Crypto mining consumes loads of electricity, disrupting supply

Louisiana has become the latest US state to support cryptocurrency mining, as more regions in the country are warming up 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 evolving into the largest in the world with its industry size projected to reach the valuation of $23,220 million by the end of the year.

Rising Adoption of Crypto Mining Businesses in the US

The governor of Louisiana has signed a bill to foster 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 others in the US that are tailoring laws around crypto that could open job opportunities and revenue streams for the state treasury.

Bill HB 488 protects the rights of crypto mining individuals and businesses to continue operations but while being in compliance with local noise ordinances. Businesses conducting crypto mining on a commercial level have been directed to set up shops in the industrial zones located across the state, the bill notes.

Furthermore, the bill now restricts all foreign parties from controlling digital mining businesses.

Louisiana's support for crypto mining could help generate revenue and also open job opportunities in the state, that reportedly houses over 4.6 million citizens. However, crypto mining is infamous for consuming loads of electricity, disrupting power supply for local residents.

The global cryptocurrency mining market was valued at $1.92 billion (roughly Rs. 16,017 crore) in 2022 and is reportedly projected to reach $7 billion (roughly Rs. 58,398 crore) by 2032. As per JP Morgan, the Bitcoin mining sector is reportedly is garnering interest from investors.

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

Crypto Mining in Other Countries

Owing to the electrical load crypto mining businesses put on power grids, several countries have decided to ban their operations. In May, Venezuela banned crypto mining and seized thousands of mining computers.

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

Is the Samsung Galaxy Z Flip 5 the best foldable phone you can buy in India right now? We discuss the company's new clamshell-style foldable handset on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Cryptocurrency, Crypto Mining, US
Radhika Parashar
Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More
Genesys Launches AI-Powered Navigation Map Tailored for Indian Automotive and Mobility Sectors
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News


Follow Us
© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »