• The 88th session of the Texas Legislature recently passed a series of bills impacting local bitcoin miners.
• Senate Bill (SB) 1751 was shelved due to its „anti-mining“ stipulations, while Senate Bill 1929 mandated large-scale bitcoin mines to register with the Electric Reliability Council of Texas (ERCOT).
• House Bills HB 591 and HB 1666 are expected to provide additional boons for the crypto mining sector, such as tax incentives for the use of flared gas in on-site bitcoin mining.
Texas Passes New Bitcoin Mining Laws
The 88th session of the Texas Legislature has recently passed a series of bills set to influence the state’s bitcoin mining industry. Lee Bratcher, president of the Texas Blockchain Council, envisions Texas becoming a major hub for digital assets.
Senate Bill (SB) 1751 Shelved
One notable outcome was the shelving of Senate Bill (SB) 1751, which had been tagged by industry insiders as an „anti-mining“ bill. This proposed legislation would have restrained profitable energy credits currently benefitting local miners.
Senate Bill 1929 Passed
In contrast, Senate Bill 1929 has been viewed favorably by bitcoin miners and mandates large-scale bitcoin mines to register with ERCOT, enhancing transparency in the industry. Bratcher expressed strong support for this bill, asserting that it would bolster communication between ERCOT and bitcoin miners.
House Bills HB 591 & HB 1666
The passage of House Bills HB 591 and HB 1666 are expected to be additional benefits for the crypto mining sector. HB 591 provides tax incentives for using flared gas in on-site bitcoin mining; however this has stirred controversy due to critics arguing that it promotes more fossil fuel consumption. Meanwhile, HB 1666 implements guidelines regarding electricity rates for cryptocurrency businesses operating within certain areas in Texas.
Conclusion
Overall these new laws have been seen as beneficial for local crypto miners and may help make Texas into a leading hub in digital asset innovation similar to Silicon Valley’s rise over many decades ago.