Bitcoin miners have a lot to contribute to the Texas energy grid. The working group also recommends promoting education in Bitcoin and Blockchain.
A working group specialized in Blockchain from the state of Texas, United States, issued a report with multiple recommendations on the Bitcoin, Blockchain, and cryptocurrency industry.
The report was made by the Texas Work Group on Blockchain Matters, created last year by the governor of Texas, and made up of local academics.
These, in the report, make suggestions to legislators on how the different facets of the industry should be regulated, such as Bitcoin mining, the issuance of cryptocurrencies by private entities, Decentralized Finance (DeFi) platforms, and education.
The SMU Dedman School of Law tweeted that, “The Texas Work Group on Blockchain Matters released its report and proposed master plan to expand the blockchain industry in Texas. @Prof_CarlaReyes was appointed by Governor Greg Abbott to chair the Work Group.”
Bitcoin Mining, Key to Local Development
The report notes that mining companies have brought progress to rural or underdeveloped communities, as well as an increase in local employment.
“Local businesses have benefited from the increase in mining and many local residents have obtained better-paying jobs thanks to mining companies,” they say.
“There are challenges in providing houses and amenities to the employees. The miners appear to be investing in building proper infrastructure, but it will take time for these rural communities to turn that flow of capital into long-term economic prosperity.”
They also point out that, although Bitcoin mining consumes as much energy as entire countries, this industry tends more to use renewable energy, as well as to reduce its carbon footprint, than other industries.
“In particular, the cryptocurrency mining industry has massively embraced renewable energy,” they state.
To encourage this, the task force recommends reducing taxes, claiming that, “Texas should promote controllable or interruptible energy charges, like Bitcoin mining, by lowering taxes on the purchase of electric power, when it is used to mine Bitcoin”
Their intention is for miners to be able to interrupt their electricity consumption and transfer that energy to the rest of the network when necessary, in exchange for paying fewer taxes.
Education is Key
Education plays an important role in the report. As they announce, they have created certification programs in bitcoin mining, issued by institutes of higher education.
Texas State Technical College (TSTC) and the Texas Bitcoin Foundation (TBF) have facilitated education with mining companies operating in Texas. TBF has also provided a scholarship to support the first class of students in Bitcoin mining courses, to start in January 2023.
As they explain, the TSTC creates its courses based on the demand for employees by local companies. Thus, they make it clear that the demand for employees in the Bitcoin mining sector is enormous.
By Audy Castaneda