Texas Legislature Backs Bitcoin Mining Industry with New Bills
Two bills aimed at providing support and incentives for bitcoin mining companies have passed in Texas, demonstrating the state's commitment to becoming a hub for the industry. Senate Bill 1929 requires miners with an energy capacity over 75 megawatts to register with the Public Utilities Commission of Texas and share their data with the Electricity Reliability Council of Texas. House Bill 591 introduces tax exemptions for companies that utilize otherwise wasted gas, including data centers.
While another bill known as SB 1751, which could have limited the industry's participation in cost-saving demand-response programs, was stopped at the committee stage. Demand-response programs offer power credits to miners for reducing their operations during times of high energy demand. While the bill was not prioritized during the session, industry advocates believe that increasing communication with the relevant authorities will improve transparency and publicly available data on mining, benefiting the industry as a whole.
This latest development shows how state governments are recognizing the economic benefits of bitcoin mining and seeking to attract these companies to their regions. As more states pass legislation in support of crypto-related industries, it could lead to increased competition among jurisdictions.