Texas lawmaker Cody Harris has introduced a bitcoin mining bill that would recognize the right to mine the cryptocurrency in the state. BTC mining is a controversial topic in Texas.
A Texas legislator has introduced a bitcoin mining bill that is stirring up some controversy. The bill essentially recognizes the right to mine BTC.
Cody Harris, a member of the Texas House of Representatives, asked his fellow lawmakers to “express support for the safety of individuals who code or develop on the bitcoin network.”
Texas is a popular state for crypto mining. Global crypto mining shifted from China to the United States after the latter banned mining, an event the bill refers to.
With regard to the right to own and use bitcoins, the bill states,
“Persons who mine bitcoin in Texas shall never be hindered by any law or resolution that prohibits the practice of securing the bitcoin network to protect the virtual currency. All people in the wider community who store their wealth and conduct peer-to-peer transactions with other law-abiding Texas citizens, they will always feel free and secure in their ownership and use of bitcoin.
The bill is more focused on establishing a sense about the biggest crypto and mining as opposed to making major changes to the rules and regulations. It has to be passed first by the House, then by the Senate and finally by the Governor’s office.
Texas’s Stake in the US Bitcoin Mining Industry
Texas has one of the largest presence in the bitcoin mining industry, with the state accounting for 11.2% of the total bitcoin hash rate. The United States accounts for about 37% of the total hashrate.
The growth of crypto mining in Texas has also increased electricity bills, some lawmakers have noted. To offer some perspective, when harsh weather conditions caused power outages, bitcoin’s hash rate dropped by 35% when miners in the state were forced to shut down their mining rigs.
Texas crypto effort sparks concerns
Bitcoin mining in Texas has been controversial, mainly due to the failing power grid. The heatwave has also stressed the power grid, causing miners to voluntarily suspend mining operations.
The problem has escalated so much that people have started opposing bitcoin mining in the state. A Riot blockchain mining site in Navarro County saw protests, with protesters expressing concerns about resource consumption.
disclaimer
BeInCrypto has reached out to the company or the person involved in the story for an official statement regarding the recent development, but has yet to hear back.