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Bitcoin Advocates Rally Against Texas Bill Cutting Mining Incentives

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Bitcoin Advocates Rally Against Texas Bill Cutting Mining Incentives

Bitcoin advocates gathered at the Texas Capitol to oppose a bill aimed at restricting crypto mining firms.

The proposed legislation, Senate Bill 1751, would amend Texas’ utilities and tax code to add restrictions.

Under the current version of the bill, incentives for mining firms would be capped at 10%, while certain companies would lose tax abatement.

Satoshi Action Fund CEO Dennis Porter expressed concern about the potential impact of the bill on the crypto industry.

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Many policymakers have responded to crypto based on complaints rather than the innovative aspects of the technology.

The Consensus 2023 conference is taking place in Austin, featuring speakers from across the crypto and blockchain space.

If passed, the bill could potentially threaten mining operations for many firms in Texas, a major player in the BTC hash rate.

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Riot Platforms and White Rock Management run mining rigs in Texas. While Argo Blockchain and Mawson Infrastructure Group have announced plans to sell their Texas facilities.

The crypto advocacy groups Chamber of Digital Commerce, Satoshi Action Fund, and Texas Blockchain Council organized the rally.

Perianne Boring, CEO of the Chamber of Digital Commerce, emphasized that the fight over mining is really about controlling energy use.

The bill has passed the Texas Senate Committee on Business and Commerce and a vote on the Senate floor.

The state’s House of Representatives conducted a first reading of the legislation and referred it to the Committee on State Affairs.

The proposed legislation has faced opposition from industry leaders, state lawmakers, and crypto enthusiasts.

Advocates fear the bill will limit the growth of Bitcoin mining and discourage investment in the state.

However, iexclusivenews Nigeria understands that the Consensus 2023 conference will be taking place in Austin from April 26-28.

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