Bitcoin advocates rally at Texas State Capitol to oppose bill cutting mining incentives
“When you target one industry the way they are with this bill, that’s bad policy no matter what the industry you’re targeting,” said Satoshi Action Fund CEO Dennis Porter.
Roughly 100 people answered the call from crypto advocacy groups Chamber of Digital Commerce, Satoshi Action Fund and Texas Blockchain Council to show Texas lawmakers they were against legislation targeting crypto mining firms.
Gathering at the Texas Capitol in Austin on April 25, crypto enthusiasts, state lawmakers, industry leaders and even a few members of the Capitol Police met to discuss the possible future of Bitcoin mining in the Lone Star State should a bill known as SB 1751 move through the legislature. The proposed legislation would amend sections of Texas’ utilities and tax code to add restrictions for crypto mining companies.
As of April 24, the state’s House of Representatives had conducted a first reading of the legislation, whereupon it moved to the Committee on State Affairs.
Under the current version of SB 1751, crypto mining firms participating in a program intended to compensate them for load reductions on the state’s power grid through the Electric Reliability Council of Texas would have their incentives capped at 10%. In addition, certain companies operating data centers would also not receive an abatement on state taxes starting in September 2023.
“The fights about mining aren’t really about mining,” Perianne Boring, CEO of the Chamber of Digital Commerce, said to Cointelegraph at the event. “It’s not really about environmental concerns. What it’s really about is controlling energy use.” She clarified:
“Bitcoin mining is a way for regulators to set a new precedent to say who is allowed to purchase energy, who is allowed to purchase power and how you are allowed to use it in a free society.”
