A recent bill proposing to eliminate incentives available to Bitcoin miners in Texas has been met with opposition from the Texas Blockchain Council, a trade advocacy group for the blockchain industry.
The council has launched a campaign, supported by the Satoshi Action Fund and the Chamber of Digital Commerce, urging Texans to contact their senator and vote against Senate Bill 1751, claiming it would negatively impact the industry and crypto-related innovation in the state.
The council argues that the restrictions will reduce competition and lead to higher prices for grid services, as Bitcoin miners currently offer the lowest prices.
Moreover, the proposed legislation would have a detrimental effect on the more than 20,000 jobs created by the mining industry in rural Texas. The council also criticizes the bill for excluding an entire industry from participating in the demand response program run by the Electric Reliability Council of Texas (ERCOT), which goes against free market principles.
The campaign claims the bill limits demand response participation at a time when Texas needs it the most, and unfairly eliminates tax incentives and subsidies for miners.
Senate Bill 1751 is sponsored by Texas State Senator Lois Kolkhorst, who believes the incentives are no longer necessary and growth in the mining industry is expected regardless. The bill is currently pending in the Texas Senate.
Image Credit: Shutterstock
Tags: bitcoin minersCrypto Regulation
The information provided in our posts or blogs are for educational and informative purposes only. We do not guarantee the accuracy, completeness or suitability of the information. We do not provide financial or investment advice. Readers should always seek professional advice before making any financial or investment decisions based on the information provided in our content. We will not be held responsible for any losses, damages or consequences that may arise from relying on the information provided in our content.