Texas Legislators Introduce Controversial Bitcoin Mining Bill

Texas legislator Cody Harris has introduced a Bitcoin mining bill that recognizes the right to mine the cryptocurrency in the state. BTC mining is a controversial topic in Texas.

A Texas lawmaker 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 protecting individuals who code or develop on the Bitcoin network.”

Texas is a popular state for crypto mining. Global crypto mining moved to the US from China after the latter banned mining, an event the bill refers to.

Regarding the right to own and use Bitcoin, the bill states,

“Individuals mining Bitcoin in Texas will never be hampered by any law or resolution restricting the practice of securing the Bitcoin network for the safety of the virtual currency. All those in the wider community who choose to own Bitcoin as a way to store their wealth and conduct peer-to-peer transactions with other law-abiding Texas citizens, should always feel free and secure in their ownership and use of Bitcoin.

The bill seems to be more focused on establishing a sentiment about the largest crypto and mining industry, as opposed to making major changes to rules and regulations. It will first have to pass the House, then the Senate, and finally the governor’s office.

Texas’ stake in US Bitcoin mining industry

Texas is one of the largest presences in the Bitcoin mining industry, with the state accounting for 11.2% of Bitcoin’s total hash rate. The US as a whole accounts for about 37% of the total hash rate.

The growth of crypto mining in Texas even led to increased electricity bills, something lawmakers have noticed. To give some perspective, when harsh weather conditions led to power outages, Bitcoin’s hashrate dropped by 35% as miners in the state were forced to shut down their mining units.

Texas Crypto Bet Raises Concerns

Bitcoin mining in Texas has been controversial, mainly due to the failing power grid. Heat waves have also stressed the power grid, leading miners to voluntarily suspend mining operations.

The issue has gone so far that it has resulted in people protesting against Bitcoin mining in the state. A Riot Blockchain mining site in Navarro County saw protests, with the protesters expressing concerns about resource consumption.