Texas Senate Committee Hears Testimony On Bill That Would Ban Certain Energy Arrangements With Bitcoin Miners
Pierre Rochard, VP of research at Riot Platforms testified yesterday that Bitcoin is a net positive for the state. The Senate Committee on Business and Commerce heard testimony in regards to a Texas bill that would prohi...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
Pierre Rochard, VP of research at Riot Platforms testified yesterday that Bitcoin is a net positive for the state.
The Senate Committee on Business and Commerce heard testimony in regards to a Texas bill that would prohibit flexible load agreements between bitcoin miners and energy providers yesterday.
The bill aims to ban the arrangements in which energy providers like ERCOT would pay bitcoin mining operators to turn off their facilities, effectively freeing the now-excess energy for usage during emergencies or high demand time periods.
Bitcoin Policy Institute Senior Fellow Natalie Smolenski notes in a tweet that the bill also seeks to “Ban tax abatements for miners in Texas because ‘mining is already projected to grow in the state’”
Riot Platforms’ Vice President of Research Pierre Rochard testified that the presence of the company in Texas has beneficial impacts on rural communities, employment and energy production.
“Bitcoin miners are the number one employer in Rockdale. Bitcoin miners are also the number one taxpayer to Rockdale ISD. Bitcoin mining is good for rural education.”
“Even if you are skeptical of bitcoin, these abatements have been highly effective at revitalizing rural communities.”
Proponents of the bill, like its sponsor State Senator Lois Kolkhorst, cites the state’s goal of increasing energy production, saying that the mining industry’s usage of this energy and subsequent shutoff arrangements with ERCOT “is a part of their business model.”
But as Bitcoin Magazine’s Mark Goodwin notes, energy production curves of renewables, which represents a growing proportion of the state’s energy, will potentially improve, not degrade, with the usage of bitcoin mining.
Why this matters
This mining story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on Bitcoin MagazineRelated market context
U.S. Government Sends $1 Billion in Seized Bitfinex Bitcoin to Unlabeled Wallets
A wallet holding bitcoin stolen in the 2016 Bitfinex hack sent 12,267 BTC, worth about $1.01 billion, to new addresses on Thursday...
Bitcoin miners escape months of distress as daily revenue surges by 78%
Bitcoin miners are emerging from months of financial pressure as rising BTC prices lift daily industry revenue by 78%. According t...
Why XRP’s 63 billion circulating tokens don’t tell buyers what’s for sale
For XRP buyers, available supply depends on the price they are willing to pay. The token's roughly 63.09 billion circulating suppl...
US government moves another $1 billion in Bitcoin as BTC slides $4,000
US government-linked wallets moved over $1 billion in Bitcoin on Oct. 8 as BTC prices fell and more coins reached Coinbase Prime....
A $1,000 MetaMask incident could turn Ethereum’s staking queue into a $5 billion traffic jam
MetaMask's precautionary validator exits are turning a roughly $1,000 reward diversion into a test of Ethereum's staking capacity....
Bitcoin holders lock in $1.03 billion in profits as price pulls back
Profit-taking amid Bitcoin's pullback suggests potential market consolidation, highlighting the impact of leverage and short-term...