Proposed legislation looks to offer the cryptocurrency industry a warm Texas welcome.
Cryptocurrency is on the minds of several state lawmakers this legislative session. Bills have been filed to aid in crypto mining, to set up a Texas digital currency backed by gold and to officially welcome the Bitcoin economy to the state.
Bitcoin has become a widely used cryptocurrency over the years, with Texas making up about a quarter of all mining activity in the country. The resolution says that the Chinese government banning the mining of cryptocurrency in 2021 led to what some call the “great mining migration,” which brought many operations to Texas. Other states have tried to ban or temporarily suspend Bitcoin mining operations, but Harris thinks these miners’ activities should be protected by the Texas Constitution.
His resolution also asks that people who mine Bitcoin in Texas never be inhibited by any law or resolution that restricts their ability to do so. These Bitcoin miners would also be welcome to seek any form of energy to help secure their network in Texas, under Harris’ resolution. . States are often tasked with capping these wells. But Longoria’s HB 4278 would hand that task over to Bitcoin miners in the program. The selected miners would be responsible for plugging, remediating or reclaiming the orphaned well. They would then set up Bitcoin mining operations at these locations. If the wells are remediated, energy produced by them could be used for Bitcoin mining.
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