Last Updated: 28 November 2022
Governor Greg Abbott of Texas is positive about bitcoin mining. He even expressed his wish that the state should become the epicentre of all bitcoin mining around the world. According to Abbott, it is very good for the state’s power grid.
Mining in Texas
According to the governor’s statement, his state of Texas is aware of bitcoin’s potential. That is why he wants Texas to take a central role in it.
“We will continue to make progress with bitcoin and blockchain. We are promoting it and being an ambassador.”
Abbott says his state is right behind bitcoin and its associated activities. According to the politician, bitcoin is the epitome of innovation. Not only are they open to “the technology”, but they also want to manifest themselves as an anti-regulatory state. So in terms of laws and regulations, they don’t want to get in the way.
Governor of Texas, "#Bitcoin is good for the power grid"
— Documenting ₿itcoin 📄 (@DocumentingBTC) November 26, 2022
According to Abbott, Texas has set up a separate working group that will focus on the kind of laws that could actually make it more attractive for bitcoin. Also in terms of bitcoin mining, that is.
He shares that the power grid in Texas is very open if independent. In addition, the demand-response approach is quite special, as it is left much more to the free market. With other power structures in most US states, this is different, Abbott said.
Moreover, Texas residents have the option to buy electricity from a local energy supplier, which gives others the chance to reduce their electricity consumption in times of high demand.
“People who don’t need electricity for a few hours or for a day can scale it back,” Abbott said.
Bitcoin mining companies are among these highly dynamic consumers. Earlier this year, miners were already paid millions for turning off their rigs.
Meanwhile, in New York on the other side of the country, a ban on new bitcoin miners has been implemented. Here, on the contrary, there are fears of a worsening climate problem.