§ 14-1-603 — Definitions

Arkansas § 14-1-603

• Jurisdiction: Arkansas
• Title: 14

Text

As used in this subchapter: (1) "Blockchain network" means a group of computers operating and processing together to execute a consensus mechanism to agree upon and verify data in a digital record; (2) "Digital asset" means cryptocurrency, virtual currency, and natively electronic assets, including without limitation stable coins, nonfungible tokens, and other digital-only assets, that confer economic, proprietary, or access rights or powers; (3) "Digital asset miner" is an individual who mines for digital assets; (4) "Digital asset mining" means use of electricity to power a computer for the purpose of securing or validating a blockchain network; (5) "Digital asset mining business" means a group of computers working at a single site that consumes more than one megawatt (1 MW) on an average annual basis for the purpose of generating digital assets by securing a blockchain network; (6) "Home digital asset mining" means mining digital assets in areas zoned for residential use; (7) "Legislative body" means the quorum court of a county or the city council, board of directors, board of commissioners, or similarly elected governing body of local government; (8) "Local government" means a county, a city of the first class, a city of the second class, or an incorporated town; (9) (A) "Node" means a computational device that contains a copy of blockchain-distributed ledger technology. (B) "Node" includes a series; (10) "Ordinance" means an ordinance, resolution, or other appropriate legislative enactment of a legislative body ; (11) "Person" means an individual or legal entity; and (12) "Residence" means a permanent dwelling place, unit, or accessory structure.

Legislative History

Amended by Act 2024, No. 173,§ 1, eff. 5/3/2024. Added by Act 2023, No. 851,§ 1, eff. 8/1/2023.