Texas lawmaker Cody Harris has put forward a Bitcoin mining bill that recognizes the right to mine the cryptocurrency in the state. BTC mining is a controversial subject in Texas.
A Texas lawmaker has put forward a Bitcoin mining bill that is stirring some controversy. The bill essentially recognizes the right to mine BTC.
Cody Harris, a Texas House of Representatives member, asked his fellow lawmakers to “express support for protecting individuals who code or develop on the Bitcoin network.”
Texas is a popular state for crypto mining. Global crypto mining shifted to the United States from China after the latter banned mining, an event the bill refers to.
Regarding the right to own and use Bitcoin, the bill states,
“Individuals who mine Bitcoin in Texas will never be inhibited by any law or resolution that restricts the practice of securing the Bitcoin network for the safety of the virtual currency. All those in the broader community who choose to own Bitcoin as a manner of storing their wealth and transacting peer-to-peer with other law-abiding Texas citizens shall always feel free and safe in their ownership and use of Bitcoin.”
The bill appears more focused on establishing setting a sentiment about the largest crypto and mining, as opposed to making great changes to rules and regulations. It will first have to pass the House, then the Senate, and lastly, the Governor’s office.
Texas’ Share in US Bitcoin Mining Industry
Texas is one of the largest presences in the Bitcoin mining industry, with the state accounting for 11.2% of Bitcoin’s total hash rate. The United States as a whole accounts for about 37% of the total hash rate.
The growth of crypto mining in Texas even led to increased power bills, something lawmakers have taken note of. To offer some perspective, when harsh weather conditions led to power outages, Bitcoin’s hash rate dropped by 35% when miners in the state were forced to turn off their mining devices.
Texas Crypto Efforts Spark Concerns
Bitcoin mining in Texas has been controversial, largely due to the failing power grid. Heatwaves have also stressed the power grid, leading to miners voluntarily suspending mining operations.
The problem has gone so far as to result in people protesting Bitcoin mining in the state. A Riot Blockchain mining site in Navarro County saw protests, with the protesters expressing concerns about resource consumption.
Disclaimer
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.
Source: https://beincrypto.com/controversial-bitcoin-mining-bill-proposed-texas-lawmaker/