- May 11, 2023
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
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 the 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.
Moreover, the host added that the move would lead to a “63% carbon impact reduction” 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 at the same time mitigating carbon emissions.”
A deep examination of the bill showed the proposal was based on ratifying tax exemptions for the flare recycling process – thus lowering the cost of using this form of energy.
“Relating to an exemption from the severance tax for gas produced from certain wells that is consumed near the well and would otherwise have been lawfully vented or flared.”
The World Economic Forum (WEF) greenlit the recycling of flare emissions in a recent video promoting Colorado-based Crusoe Energy – a company that utilizes 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 cryptocurrency, among other uses.
Is Texas a Bitcoin state?
Last month, the Texas Senate Committee passed Senate Bill 1752 – which seeks to reverse tax incentives on certain “electric generating facilities” – in effect, stifling Bitcoin mining operations in the state.
The co-founder of the Satoshi Action Fund, Dennis Porter, said Senator Lois Kolkhorst managed to get unanimous support, without a single opposition vote, due to “the influence of the powerful bill sponsor.”
He added that it was imperative to halt the action by killing the bill at the House stage.
However, with the approval of House Bill 591, inconsistencies in the way Texan lawmakers consider the pros and cons of Bitcoin mining are highlighted.
The post Texas embraces greener Bitcoin mining with approval of flare gas emission bill appeared first on CryptoSlate.
