Texas Strikes Digital Gold: Lone Star State to Become Crypto’s Silicon Valley
Bitcoin miners in the Lone Star State have struck digital gold after a successful legislative session. Texas is gearing up to be the Silicon Valley of the Digital Asset industry, according to the Texas Blockchain Council President, Lee Bratcher.
Some major wins for the industry include blocking the “anti-mining” bill and passing others that will keep Texas attractive for miners. Senate Bill 1751, aimed at curbing energy credits, never made it to the Governor’s desk. Meanwhile, Senate Bill 1929 enhances transparency by requiring large Bitcoin mines to register with the Electric Reliability Council of Texas (ERCOT).
But wait, there’s more! Two House Bills, HB 591 and HB 1666, are also boosting crypto mining. HB 591 introduces tax incentives for using flared gas for on-site Bitcoin mining, giving a purpose to otherwise wasted energy resources. HB 1666 brings a proof-of-reserves regime for crypto exchanges, ensuring customer protection.
While critics voice concerns about the environmental impact and the industry’s value, the positive strides in Texas are sure to attract skeptical investors back to crypto.
Texas is paving the way for a crypto revolution, y’all! It’s time to saddle up and embrace the Lone Star State’s crypto enthusiasm.
Clever Robot News Desk 12th June 2023