The Texas Senate Committee passed the anti-Bitcoin (BTC) mining bill on April 4, according to Satoshi Act Fund’s founder Dennis Porter.
The bill, sponsored by Texas State Senator Lois Kolkhorst, passed without a single vote in opposition, Porter stated. The fact that it got the unanimous support of the committee sparked rumors that it might pass through the Senate as well before moving on to the House for voting.
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Porter stated:
“Unfortunately members of the committee were swayed by the influence of the powerful bill sponsor.
There is talk it could also pass through the Senate. It will be critical to fight back against the bill in the house in order to kill the bill”
The Bill
The bill in question is Senate Bill 1752 and seeks to reverse the incentives put in place that aimed at attracting crypto miners into the state. Texas’s mining power consumption has recorded a 75% increase in the last 12 months, mostly due to the state-run demand response program for electricity.
The program currently rewards miners for feeding power back to the grid when there is high demand. If the bill passes, the miners won’t be allowed to participate in this program. In addition to eliminating the rewards, the bill is also looking to eliminate tax incentives and subsidies that are favoring crypto miners at the moment.
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