Texas governor is big fan of bitcoin and mining

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.

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.

Power grid

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.

  • Gabriele Spapperi

    Gabriele Spapperi is a veteran cryptocurrency investor and blockchain technology specialist. He became fascinated with Bitcoin and distributed ledgers while studying computer science at MIT in 2011.

    Since 2013, Gabriele has actively traded major cryptocurrencies and identified early-stage projects to invest in. He contributes articles to leading fintech publications sharing his insights on blockchain technology, crypto markets, and trading strategies.

    With over a decade of experience in the crypto space, Gabriele provides reliable insights and analysis on the latest developments in digital assets and blockchain platforms. When he's not analyzing crypto markets, Gabriele enjoys travel, golf, and fine wine. He currently resides in Austin, Texas.

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