Crypto advocacy groups have launched a campaign called “Don’t Mess with Texas Innovation” in response to proposed legislation that would remove incentives for miners operating in the state. The Texas Blockchain Council, Chamber of Digital Commerce, and Satoshi Action Fund have called on Texas residents to contact lawmakers in opposition to Senate Bill 1751, which would add restrictions for crypto mining facilities by amending sections of Texas’ utilities and tax code.
The mining bill has been labeled as antithetical to free market principles, and some lawmakers have used the state’s anti-littering slogan, “Don’t Mess with Texas,” to describe the government overreach. Currently, some crypto mining firms in Texas participate in a program organized by the Electric Reliability Council of Texas (ERCOT), which compensates them for adjusting their load on the state’s power grid during periods of high demand.
Chamber of Digital Commerce founder and CEO Perianne Boring has stated that the proposed bill is the wrong proposal at the wrong time, as Texas residents are concerned about the economy, jobs, and a reliable energy grid heading into the summer. The power grid in Texas has been under increased scrutiny since a massive winter storm in February 2021 left millions of residents without power and running water for days. However, many experts have noted that it is unlikely that crypto firms contributed to the energy crisis in Texas, as they temporarily shut down or scaled back operations as part of the ERCOT program.
In summary, crypto advocacy groups are urging Texas residents to oppose Senate Bill 1751, which would add restrictions for crypto mining facilities in the state. The proposed legislation has been criticized for being against free market principles, and its timing has been questioned given the concerns about the economy, jobs, and a reliable energy grid in Texas. While the state’s power grid has been under increased scrutiny since the winter storm in February 2021, many experts have noted that crypto firms were unlikely to have contributed to the energy crisis in Texas.