The Texas Bitcoin mining bill that the industry didn’t think would make it out of committee did. Then it cleared the State Senate, too—each time with the backing of unanimous votes.

Despite the consternation from Bitcoin miners about the proposal that would cut into their earnings, Wednesday’s vote to send SB-1751 to the Texas House of Representatives happened in a mostly empty room during the local and uncontested session.

That means, so far, things are proceeding as Marathon Digital CEO Fred Thiel thought they would.

“In Texas, I’m confident that while this bill will likely pass the State Senate, I don’t think it’s going to make it out of the House intact,” he told Decrypt ahead of the vote.

If enacted, the legislation would curb benefits offered to Bitcoin miners in the state to reduce their power usage during times of high demand. In exchange for cutting their power usage to help the grid prioritize residential customers, Bitcoin miners have been among the commercial clients eligible to receive credits they can use toward their power bills.

And so far, the state has had a chummy relationship with Bitcoin miners. Lee Bracher, president of the Texas Blockchain Council industry group, told Reuters that Bitcoin miners consume roughly 2,100 megawatts—up 75% over the past year—and amount to roughly 3.7% of the state’s peak load.

Thiel said the company has been looking to diversify its operations and renewable power options, but added that “1751 won’t change our minds ab

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Author: Stacy Elliott

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