Texas Senate passes a bill that could throw a wrench in the crypto mining machine. Are the days of wild mining incentives in the Lone Star State coming to an end?
after more than a week, when the Texas Senate Committee on Business and Commerce passed it on April 4.
The bill will next move to the Texas House of Representatives, which is scheduled to meet and discuss legislation on April 13 — though it’s unclear whether lawmakers intend to address SB 1751 at that time. If passed in the House, Texas Governor Greg Abbott — a self-described “crypto law proposal supporter” — will be able to sign the bill into law.SB 1751 has garnered national attention from crypto advocacy groups, including the Chamber of Digital Commerce and the Satoshi Action Fund.
Under the proposed legislation, crypto mining firms participating in a program intended to compensate them for load reductions on Texas’ power grid would have their incentives capped at 10%. Certain companies operating data centers would also not receive an abatement on state taxes starting in September 2023.
“Elected officials only know how to use hammers — they don’t know how to be surgeons,” Fred Thiel, CEO of mining firm Marathon Digital Holdings, told Cointelegraph prior to the Senate vote. “They started whacking at crypto, and Bitcoin mining has gotten caught up in the whacking.”
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