Reading Time: 2 minutesTexas has passed two pro-Bitcoin mining bills
The bills will now go forward to Governor Gregg Abbott for signature
The legislation will bring more miners into a program aimed at helping balance the state’s power needs

Texas legislators have demonstrated their support for the Bitcoin mining industry by passing two bills during the recent legislative session. The bills, SB 1929 and HB 591, have progressed through the legislative stage and now await Governor Greg Abbott’s signature, becoming effective on September 1 once signed. The passage of these bills serves as a clear indication that Texas is embracing its role as a favorable jurisdiction for bitcoin, blockchain, and digital assets.

Texas Preparing for Next Extreme Weather Event

Bill SB 1929 focuses on miners with an energy capacity exceeding 75 megawatts (MW) and mandates their registration with the Public Utilities Commission (PUC) of Texas as large load operators. The PUC will then share their data with the Electricity Reliability Council of Texas (ERCOT), the grid operator.

This bill aligns with processes established by ERCOT’s Large Flexible Loads Taskforce in March 2022, which is responsible for developing policies to manage significant electric loads, such as those from bitcoin miners, particularly at times of strain on the network. Texas has suffered from extreme heatwaves and winter storms in recent years, and the government has moved to ensure that the state’s power supply is flexible enough to cope with such events in the future.

Bill HB 591 on the other hand, which was sent to the governor on April 18, introduces tax exemptions for companies that utilize otherwise wasted gas, including data centers. 

Texas Reaffirms Its Status as a Bitcoin Mining Hub

Dennis Porter, head of industry advocacy group Satoshi Action Fund, praised the passage of the two bills:

More miners in the [demand-response] program means more load can be reliably called on to help balance the grid. We are increasing communication with the PUC and ERCOT which will improve transparency and publicly available data on mining which ultimately is good for the industry.

Lee Bratcher, president of the Texas Blockchain Council (TBC), another local industry group, expressed that the two bills reinforce Texas as the preferred destination for businesses operating in the bitcoin and blockchain space.

Texas Senator Ted Cruz has also been a vocal advocate of Bitcoin mining in the state in recent years.

The post Texas Passes Two Pro-Bitcoin Mining Bills appeared first on FullyCrypto.

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Filed under: Bitcoin - @ June 2, 2023 9:18 am