A new bill that could limit significant benefits for Bitcoin miners in Texas passed the state Senate committee on Tuesday and is now heading to parliament.
Law Limiting Benefits to Crypto Miners Passes Committee Vote Unanimously
Texas is a major hub for Bitcoin miners, and many of these miners benefit from demand response programs that legislation tries to thwart.
Dennis Porter, co-founder and CEO of Satoshi Action Fund, said Senate Bill 1751 limits how much miners can participate in grid balancing programs, and said the committee did not vote against it. Porter continued:
"This puts the bill on the "non-controversial" list, meaning it has a more than 95% chance of getting Senate approval, and from there it will go to the Texas House.
Texas is one of the world's largest centers for the Bitcoin mining industry, largely due to low electricity prices and a favorable business environment.
However, the trend for the industry began to change in the summer of 2022 as the Texas grid operator slowed approvals for new facilities due to an influx of miners.
“We urge all Texas residents to reach out to their representatives and encourage them to vote against this anti-free market bill that will result in increased costs for billpayers and reduced network stability,” said Kristine Cranley, Director of Business Development at the Texas Blockchain Council.
*Not investment advice.
