June 18, 2024

Texas legislators have limited the rights and benefits for miners

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Texas legislators have limited the rights and benefits for miners

A bill limiting benefits for crypto asset miners in the US state of Texas and expanding the rights of supervisory authorities has been unanimously adoptedU.S. Senate Committee.

Bill No. 1752 proposes the abolition of incentives aimed at attracting miners to the region.The initiators of the bill believe that the preferential state reward and support program for miners has outlived its usefulness, since the demand for electricity and its consumption during mining has increased in Texas by 75% over the past 12 months.

In addition to the abolition of remuneration, the bill aims to eliminate other tax benefitsand subsidies that are currently contributing to the expansion of mining companies' businesses.For example, if the law is adopted, a number of tax benefits will be abolishedon the property of mining companies. 

At the same time, companies with a computing capacity of more than 10 megawatts (MW) will be obligedregister as heavy load operators with ERCOT.for mining companies, additional costs for the implementation of mandatory measures that increase the reliability of the power system of the state of Texas.

The bill, sponsored by Texas State Senator Lois Kolkhorst, passedThis has raised concerns among local cryptocurrency companies that it couldbe approved as a state law, bypassing the House of Representatives voting stage.

Earlier, member of the US House of Representatives Cody Harris introduced for discussion a bill aimed at protecting the rights of Bitcoin owners in the state of Texas.