Proposed legislation looks to offer the cryptocurrency industry a warm Texas welcome.
Cryptocurrency is on the minds of several state lawmakers this legislative session. Bills have been filed to aid in crypto mining, to set up a Texas digital currency backed by gold and to officially welcome the Bitcoin economy to the state.
Bitcoin has become a widely used cryptocurrency over the years, with Texas making up about a quarter of all mining activity in the country. The resolution says that the Chinese government banning the mining of cryptocurrency in 2021 led to what some call the “great mining migration,” which brought many operations to Texas. Other states have tried to ban or temporarily suspend Bitcoin mining operations, but Harris thinks these miners’ activities should be protected by the Texas Constitution.
His resolution also asks that people who mine Bitcoin in Texas never be inhibited by any law or resolution that restricts their ability to do so. These Bitcoin miners would also be welcome to seek any form of energy to help secure their network in Texas, under Harris’ resolution. . States are often tasked with capping these wells. But Longoria’s HB 4278 would hand that task over to Bitcoin miners in the program. The selected miners would be responsible for plugging, remediating or reclaiming the orphaned well. They would then set up Bitcoin mining operations at these locations. If the wells are remediated, energy produced by them could be used for Bitcoin mining.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Proposed bill would allocate $2B for Texas land and water conservation, state parksTexas could get $2 billion in federal funds for conservation and restoration of its...
Read more »
Texas lawmakers debate bill to make damaging, disconnecting GPS monitor a crimeUnder current law it is only a technical violation, not a crime, to tamper with an ankle monitor.
Read more »
Texas lawmakers look to close 'loopholes' that allowed Dallas anesthesiologist to continue practicingOrtiz was under investigation for negligence when patients at the Baylor Scott and White North Dallas Surgicare Center began experiencing medical emergencies.
Read more »
PolitiFact Texas: Gov. Greg Abbott says Texas is No. 1 state for business, but is it?Experts say Texas is among the top states for business but caution on saying it’s No. 1 -- as Gov. Greg Abbott has said.
Read more »
Chicken-fried steak and Texas sheet cake: Texas Reddit users dish on their favorite comfort foodsA comfort food is a food that provides a nostalgic feeling or has sentimental value to someone.
Read more »
O.D. Wyatt H.S. to Add ‘Thrive North Texas' Curriculum Next YearO.D. Wyatt High School in Fort Worth will be the third school in North Texas to adopt Texas Health Resources’ “Thrive North Texas” curriculum.
Read more »