Bitcoin policy advocates celebrated several victories last quarter, including the success of Texas SB 1929, a pro-mining bill, and the defeat of Texas SB 1751, an anti-mining law. Pierre Rochard, Vice President of Research at Riot Platforms He expressed his gratitude To all concerned, by saying, “Texas will continue to be #Bitcoin Country!”
These legislative outcomes will contribute to the growth and stability of bitcoin mining operations in Texas. As Brian Morgenstern, Head of Public Policy at Riot Platforms mentionedSB 1751, ensuring that the country will continue to use the flexibility of Bitcoin miners in balancing and stabilizing the power grid.
In contrast, SB 1929 successfully passed, creating a registration process for bitcoin miners to share information with ERCOT, thus enhancing the transparency and reliability of the network. In addition, HB 591 has been approved, providing a tax incentive to use gas that would otherwise have been burned in the atmosphere to mine bitcoins on site, furthering emissions reduction.
Another significant development was the issuance of HB 1666, which introduced the Proof of Reserves system, positioning Texas as a leader in building trust within the digital asset ecosystem. These legislative achievements reflect the collaborative efforts of many stakeholders and industry participants, including Riot Platforms, the Texas Blockchain Council, and the Chamber of Digital Commerce according to Morgenstern.
In addition to these developments, stocks of public mining companies also rose on the news that the US debt ceiling deal may be finalized soon, and that it does not include President Joe Biden’s proposed 30% tax on energy used in bitcoin mining.
While these successes represent important milestones, advocates acknowledge their work is far from finished. But the Bitcoin community remains optimistic about the future and continued growth of the industry, with the positive results achieved in Texas during this legislative session setting a favorable precedent for Bitcoin-related policies and innovations in the United States.