- It would have cut benefits for miners in the state
- The law could have led to an exodus of contractors in the industry
- Lawmakers repealed the bill under pressure from the cryptocurrency lobby
In mid-April, we reported that the Texas Senate voted in favor of a bill on restrictions on mining.
In particular, it provided for the reduction of benefits for these counterparties. But the bill, unexpectedly, was defeated in the House of Representatives.
The essence of the bill
SB 1751 seeks to limit miners’ participation in the state’s energy efficiency programs.
Note that such companies received compensation from the budget for disconnection from the network at times of peak load.
In addition, the bill provided for stricter rules for the industry. In particular, all companies consuming more than 10 MW had to register and pay more than before.
The bill drew criticism from the cryptocurrency lobby. A number of organizations, including the Digital Chamber of Commerce and Texas Blockchain Council, launched an entire campaign to repeal the bill.
The bill was ultimately rejected
“The defeat of the anti-mining regulation in Texas is a major victory not only for the state, but for the country as a whole,” said Satoshi Action Fund head and co-founder Dennis Porter.
The reasons why the bill failed to pass a House Industry Committee hearing are still unknown. But this was most likely influenced by lobby pressure.