• Texas has shown continued support for Bitcoin mining after introducing two bills to help provide incentives to miners
  • One bill requires miners with a power consumption rate of over 75 megawatts to register legally while the other makes tax exemptions for miners who make use of wasted energy resources.

Bitcoin mining encouraged in Texas

Texas has introduced bills SB 1929 and HB 591 which were primarily designed to help and provide incentives to the bitcoin miners. Talking in detail, SB 1929 needed miners who had an energy capacity of over 75 megawatts to register themselves with the Public Utilities Commission of Texas. 

Apart from this, these mining organizations would also need to share their data with the Electricity Reliability Council of Texas. The second bill, HB 591seeks to effect the introduction of tax exemptions for organizations that make use of wasted gas, like data centers. 

The bill named SB 1751 could result in limiting the bitcoin industry’s participation in a cost-saving demand-response program that offers power credit to miners when they reduce their operations during times when there is high energy. This bill, however, is yet to be introduced, but it has been recorded and thus can be passed in the future. 

Most industry experts hold the view that an increase in communication can help in being transparent regarding data that is publicly available on mining. Apart from Texas, there are other states too which are supporting bitcoin mining. For instance, Arkansas and Montana have already come out in support of Bitcoin mining. 

New York has also imposed a moratorium on new fossil fuel-based bitcoin mines, and then there is Oregon which is striving to reduce greenhouse gas emissions from data centers and miners. Additionally, Biden’s proposed 30% tax on Bitcoin mining is most likely put on hold giving Bitcoin mining a chance to thrive in the country.  keep watching Fintech Express for updates on the crypto industry and other fintech-related developments.