Texas To Regulate Crypto Miners? – 246

Now Not all negative Regulation as it pertains to Cryptocurrency these days is coming from The progressives we have some Conservatives hop it in there as well Large Bitcoin miners May face new Restrictions from the state as or stayed Up asked sorry let me restart large Bitcoin miners May face new restrictions From the state as Texas tries to protect The state's electric grid from Power Hungry customers on Tuesday the senate Committee on business and commerce heard Testimony on a bill that would also Mandate virtual currency mining shut Down during the times of a power Emergency Riot platforms operates a Large Bitcoin mining firm in a Hundred Acre facility in Rockdale Texas it is Such a power user that when electricity Is in short supply ercot pays them to Curtail their operations The entire point was to build the Infrastructure and support it with a Bitcoin mine so that you could get that Energy back to the Grid in the case that It was needed Senate Bill 1751 would ban that kind of Arrangement the bill sponsored state Senator Lewis cohorts from Brenham Texas Explained we're trying to produce all This new power we're going to have a lot A lot of this new power taken up by

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Virtual currency Mining and when we're Going and then we're going to pay them To go off the grid at different times Which I believe is a part of their Business model yes that's a part of the Business model because what it allows You to do is it allows you to monetize Energy that's not being utilized so that In the future when you do need more Energy you have the ability to adjust That power load and provide it back to The citizens of the state that's why That business model was created In my humble opinion we should be going The opposite direction and there should Be incentives put in place for basically Residential rates that would also offer That to Residents who are mining Cryptocurrency not this opposite Direction of removing it for everyone Just to be clear Also let's go ahead and talk about this If you remove let's just be clear if you Remove that incentive from the miners The miners will have zero incentive to Turn off and then you actually have a Power problem okay That's just the way it would work right If you have an industry that is able to Turn off and prepare provide power back To the grid and is compensated to do so If you stop compensating them to do so They will stop turning off Right

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I I don't see this actually Making it any further but it's important To bring up so that we know who is you Know basically proposing these types of Things SB 1751 also seeks to control Electricity demand from Bitcoin mining By restricting the tax incentives to Lure them to taxes quote it bars virtual Currency mining from tax abatements Given that the large scale of growth in Virtual currency mining is already Projected to grow in the state said coal Court Horst now here's the deal if Others this is Man it's a battle and the battle is Going to come down to which states Essentially provide the most friendly Regulations and environments for Cryptocurrency mining Texas is pretty Good right now on the regulation side But it's not good on the environment Side you have humidity to deal with you Have heat to deal with and given the Opportunity to move to a colder State That's more crypto friendly I believe a Lot of miners will do so and that's just Fact so if you want to go ahead and Remove all of the incentives then you Will lose cryptocurrency miners in the State if you lose cryptocurrency miners In the state you will lose you know Basically a huge chunk of income that Helps build infrastructure Is what it is

Riot platforms Bitcoin mining is well Established in Rockdale but the worry The but they worried The Proposal could Limit their expansion plans VP Pierre Richard said Quote these abatements have helped Attract attract Bitcoin miners to Texas And they've created hundreds of rural Jobs Bitcoin miners are the number one Employer in Rockdale Bitcoin miners are Also the number one taxpayer to Rockdale ISD Bitcoin mining is good for Rural Education the company recently broke Ground on a facility in Corsicana near Dallas and ercot approved it for one Gigawatt of power that's even bigger Than their operation in Rockdale I remember when I was a kid I thought of Course the Canon was so far away I Thought it was like a another country It's where all the cool kids would go uh Windsurfing Anyways I always thought it was super Far away I uh you know we'll go over This proposal real quick I did pull the Bill up and we'll just go over the names Real quick so you're aware of you know If you are in Texas and you're worried About this Just to repeat once again is coal course Uh Camp Campbell and Nichols okay uh These are the authors of this bill in Particular and you can check out the Link in the description for more on this

And I would encourage you if you are a Resident of Texas to you know Write a letter thanks for checking out This clip from the crypto mining show You can check out the full episode here Or more crypto content down here also I'd like you to check out my locals page At son of a tech.locals.com where you Can become a member for free or choose To be a five dollar a month supporter That unlocks additional content

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