• Texas Legislature passes new bitcoin mining laws in the 88th session.
• Senate Bill 1751, an „anti-mining“ bill was shelved and Senate Bill 1929 was passed.
• House Bills HB 591 and HB 1666 provide tax incentives for the use of flared gas and mandates large-scale mines to register with ERCOT respectively.
Texas Passes New Bitcoin Mining Laws
The 88th session of the Texas Legislature has 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 similar to Silicon Valley as a global tech innovation center.
Shelving Of Anti-Mining Bill
Senate Bill (SB) 1751, tagged by industry insiders as an “anti-mining” bill, proposed to restrain energy credits currently benefitting local miners. This bill has been shelved after being voted on by members of both House and Senate. This is seen as a positive outcome for local bitcoin miners who are currently reaping the rewards from these credits.
Passing Of Senate Bill 1929
Senate Bill 1929 has been viewed favorably by bitcoin miners as it mandates large-scale bitcoin mines to register with the Electric Reliability Council of Texas (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
House Bills HB 591 & HB 1666 have also been approved by House & Senate voting respectively and are awaiting signature from Governor Abbott. HB 591 provides tax incentives for using flared gas in on-site mining while HB 1666 implements regulations which will ensure safety standards are met at all times within mining sites.
Conclusion
Overall, these new bills passed in Texas Legislature have been favorable towards local miners and create more opportunities for them while also ensuring safety standards are met at all times within mining sites. The passing of these bills will not only lead to better transparency in terms of energy usage but also make sure that local resources are utilized efficiently thus leading to economic growth for the state of Texas eventually .