Texas is a “deregulated safe harbor” for digital asset mining companies, according to an October 12 letter written by Senator Elizabeth Warren and six of her lawmaker colleagues.
The letter is addressed to Pablo Vegas, Chief Executive Officer of the Electric Reliability Council of Texas and raises the lawmakers’ concerns that is “aggressively courting crypto miners, who are drawn to the state’s cheap power and laissez-faire regulation. letter is addressed to Pablo Vegas, Chief Executive Officer of the Electric Reliability Council of Texas and raises the lawmakers’ concerns that is “aggressively courting crypto miners, who are drawn to the state’s cheap power and laissez-faire regulation. by three senators and four congress representatives, the letter also cites concerns about the active lobbying of the government by the Texas Blockchain Council. BSV
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Home Tech Texas ‘crypto-rush’ oncern in Washington
Texas ‘crypto-rush’ causing concern in Washington
TECH 2 NOVEMBER 2022
James Field
Texas is a “deregulated safe harbor” for digital asset mining companies, according to an October 12 letter written by Senator Elizabeth Warren and six of her lawmaker colleagues.
The letter is addressed to Pablo Vegas, Chief Executive Officer of the Electric Reliability Council of Texas (ERCOT), and raises the lawmakers’ concerns that ERCOT is “aggressively courting crypto miners, who are drawn to the state’s cheap power and laissez-faire regulation.”
Signed by three senators and four congress representatives, the letter also cites concerns about the active lobbying of the government by the Texas Blockchain Council.
Citing numerous articles, studies, and investigations, the lawmakers query the impact of increased mining operations on climate change and the stability of the energy grid, as well as questioning the subsidies provides to digital asset mining companies to reduce their operations during times of peak Texas is now home to about a quarter of all U.S. ‘crypto’ mining and potentially 14% of the mining computing power worldwide, a figure that could rise to 20% next year.BSV
CG
English
Silver bitcoin on circuit board
Home » Tech » Texas ‘crypto-rush’ causing concern in Washington
Texas ‘crypto-rush’ causing concern in Washington
TECH 2 NOVEMBER 2022
James Field
Texas is a “deregulated safe harbor” for digital asset mining companies, according to an October 12 letter written by Senator Elizabeth Warren and six of her lawmaker colleagues.
The letter is addressed to Pablo Vegas, Chief Executive Officer of the Electric Reliability Council of Texas and raises the lawmakers’ concerns that ERCOT is “aggressively courting crypto miners, who are drawn to the state’s cheap power and laissez-faire regulation.”
Signed by three senators and four congress representatives, the letter also cites concerns about the active lobbying of the government by the Texas Blockchain Council.
Citing numerous articles, studies, and investigations, the lawmakers query the impact of increased mining operations on climate change and the stability of the energy grid, as well as questioning the subsidies ERCOT provides to digital asset mining companies to reduce their operations during times of peak demand.
Digital assets haven
Some estimates suggest Texas is now home to about a quarter of all U.S. ‘crypto’ mining and potentially 14% of the mining computing power worldwide, a figure that could rise to 20% next year.
The state has been actively encouraging investment from the industry over the past few years, playing on its reputation for low taxes, abundant land, and crucially cheap power. This drive has borne fruit, with around 30 operations pitching up in the state over the past decade and more expressing interest in joining them.
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