The Texas Senate Committee on Business and Commerce passed an anti crypto mining bill with not even one vote in opposition.
Senate Bill 1751 proposed by Senator Lois Kolkhorst, Donna Campbell, and Robert Nichols, was passed with a 10-0 vote.
The purpose of Senate Bill 1752 is to undo the incentives put in place to entice crypto miners to Texas.
Dennis Porter, the CEO of the Satoshi Action Fund, tweeted “This is Senate bill 1751 which eliminates incentives for miners to create jobs in rural communities and caps the amount that miners can participate in certain grid balancing programs.”
The bill’s restriction on crypto mining firms’ participation in the grid balancing program is one of its most relevant aspects.
Unless the projected demand for electricity is less than 10% of the total load required by all loads in the program, the program compensates miners for returning power to the grid when it appears that it would overwhelm the system.
The bill seeks to eliminate tax incentives and subsidies that currently benefit crypto miners through this program.
The head of the Texas Blockchain Council, Lee Bratcher, recently claimed that Texas-based Bitcoin miners now use around 2,100 megawatts of the state’s power supplies, an increase of 75% over the previous year.
Just last month, President Biden demanded a 30% tax on crypto-mining electricity usage in the budget proposal. The government intends to reduce cryptocurrency mining activity and its adverse ecological impacts by the imposition of taxes on power use.
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