The recent quarter brought about a series of triumphs for advocates of Bitcoin policy, as they celebrated significant victories in Texas. One notable achievement was the successful passage of Texas SB 1929, a bill that supports Bitcoin mining, while simultaneously defeating Texas SB 1751, which aimed to restrict mining activities. Pierre Rochard, the VP of Research at Riot Platforms, expressed his gratitude to all those involved, declaring Texas as an ongoing hub for Bitcoin.
These legislative wins hold great promise for the expansion and stability of Bitcoin mining operations in Texas. Brian Morgenstern, the head of public policy at Riot Platforms, confirmed that the defeat of SB 1751 ensures that Bitcoin miners in the state can continue to play a crucial role in balancing and stabilizing the power grid, thanks to their flexibility.
In contrast, the successful passing of SB 1929 brings positive changes by introducing a registration process for Bitcoin miners to share important information with ERCOT, thereby improving transparency and grid reliability. Moreover, the approval of HB 591 provides a tax incentive for utilizing natural gas that would otherwise be released into the atmosphere, incentivizing on-site Bitcoin mining and promoting emissions reduction.
Another noteworthy development is the passing of HB 1666, which establishes a proof-of-reserves framework. This places Texas at the forefront of building trust and confidence within the digital asset ecosystem. Brian Morgenstern credited the collaborative efforts of various stakeholders and industry participants, including Riot Platforms, The Texas Blockchain Council, and the Chamber of Digital Commerce, for these legislative accomplishments.
Furthermore, the news that the U.S. debt ceiling deal, which is expected to be finalized soon, does not include President Joe Biden’s proposed 30% tax on energy used for Bitcoin mining, has led to a surge in public miner stocks. This development has further uplifted the spirits of the Bitcoin community.
While these achievements mark significant milestones, advocates recognize that there is more work to be done. Nonetheless, the Bitcoin community remains optimistic about the future and the continued growth of the industry. The positive outcomes witnessed in Texas during this legislative session serve as a promising precedent for Bitcoin-related policies and innovation throughout the United States.
