Texas embraces greener Bitcoin mining with approval of flare gas emissions bill
The Texas House and Senate have passed House Bill 591 – paving the way for Bitcoin miners to use flare gas emissions.
Good for the environment
In a message from the Texas Blockchain Council, posted by Documenting Bitcoin Twitter, it was explained that the bill “clarifies” the sale of flare emissions for use by mobile data centers – which often include Bitcoin miners.
Furthermore, the host added that the move would lead to a “63% reduction in carbon impact” by recycling waste flare emissions that would otherwise be vented or burned into the atmosphere.
“It’s a great example of industries coming together to create economic activity, jobs and tax revenue, while reducing carbon emissions.”
A thorough examination of the bill showed that the proposal was based on ratifying tax exemptions for the torch recycling process – thereby reducing the costs of using this form of energy.
“Applies to an exemption from the termination tax for gas produced from certain wells that is consumed near the well and would otherwise be legally vented or flared.”
The World Economic Forum (WEF) highlighted the recycling of flare emissions in a recent video promoting Colorado-based Crusoe Energy – a company that uses this type of technology.
Viewers pointed out that the WEF video did not mention Bitcoin directly. However, Crusoe Energy’s website stated that its computer systems are deployed for, among other things, cryptocurrency.
Is Texas a Bitcoin State?
Last month, the Texas Senate Committee passed Senate Bill 1752 – which seeks to reverse tax incentives on certain “electrical generating facilities” – effectively stifling Bitcoin mining in the state.
Satoshi Action Fund co-founder Dennis Porter said Sen. Lois Kolkhorst was able to get unanimous support, without a single dissenting vote, because of “the influence of the powerful bill sponsor.”
He added that it was important to stop the action by killing the bill on the House stage.
But with the approval of House Bill 591, inconsistencies in the way Texas lawmakers weigh the pros and cons of Bitcoin mining are highlighted.
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