Texas has passed a new bill that paves the way for Bitcoin miners to use flare gas emissions, leading to a significant reduction in carbon emissions. The bill, House Bill 591, clarifies the sale of flare emissions for use by mobile data centers, which often include Bitcoin miners.
The move is expected to result in a 63% carbon impact reduction by recycling waste flare emissions that would otherwise be vented or burned into the atmosphere.
The bill is based on ratifying tax exemptions for the flare recycling process, thus lowering the cost of using this form of energy. The World Economic Forum has recently greenlit the recycling of flare emissions in a video promoting Colorado-based Crusoe Energy, which utilizes this technology.
Although the WEF video did not mention Bitcoin directly, Crusoe Energy’s website stated that its computer systems are deployed for cryptocurrency, among other uses.
Last month, the Texas Senate Committee passed Senate Bill 1752, which seeks to reverse tax incentives on certain electric generating facilities, effectively stifling Bitcoin mining operations in the state.
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 co-founder of the Satoshi Action Fund, Dennis Porter, said Senator Lois Kolkhorst managed to get unanimous support for the bill due to the influence of the powerful bill sponsor. Porter added that it was imperative to halt the action by killing the bill at the House stage.
The Texas Blockchain Council has welcomed the approval of House Bill 591, stating that it is a great example of industries coming together to create economic activity, jobs, and tax revenue while mitigating carbon emissions.
The move is expected to lead to increased economic activity and job creation in the state while reducing carbon emissions, a win-win situation for all parties involved.
