An anti-Bitcoin mining bill, introduced in early March, was voted on this Tuesday (4) by the Texas Senate committee. The biggest surprise, however, is that the vote was unanimous, meaning no one opposed the proposal.
While the progress of the law has not yet been updated on the government’s website, the information was presented by Dennis Porter, Satoshi Action Fund founder and Bitcoin advocate.
“This is Senate Bill 1751 that removes incentives for miners to create jobs in rural communities and limits the extent to which miners can participate in certain grid balancing programs. [elétrica].”
“Unfortunately, the committee members were swayed by the influence of the bill’s powerful sponsor”Porter continued. “Rumor has it that it could also pass the Senate. It will be critical to fight the bill in the House to end the bill.
Unfortunately, members of the committee were swayed by the influence of the powerful bill sponsor.
It is said that it could also pass the Senate. It will be critical to fight back against the bill in the house to kill the bill.
—Dennis Porter (@Dennis_Porter_) April 4, 2023
Project can still be blocked in other stages
Asked how the community can stop this bill against Bitcoin mining, Dennis Porter stated that the best way out is to “kill” it while still in the house.
“Time to put pressure to kill him in the House if he makes it to the Senate vote.”
In other words, if the bill passed without community support, it would be easy to imagine it becoming law without any resistance. Therefore, information should increase discussions and interfere with the work of senators.
What Does the Anti-Bitcoin Mining Bill Say?
In short, the three drafters of the bill are concerned about the use of the electricity grid by unregistered Bitcoin miners, which could cause problems.
“Without logging, network management is more difficult to design accurately, which threatens the overall reliability of the network.”
One of the points addressed in the project is the removal of mining companies from grid balancing programs.
For example, in the summer of 2022, Riot turned off its machines for four hours so Texans could turn on their air conditioners and brave the 40°C heat. As a reward, the mining company received US$9.5 million in credits.
Therefore, if this bill passes, Bitcoin miners will no longer be able to participate in this program, which could harm their business.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
