The federal bill involves amendments to the US Tax Code that allowing mining companies to use a spent natural gas that will be burned or thrown into the atmosphere. The mining infrastructure could convert excess energy into electricity, which should increase the stability of electric networks in Texas. The legislative initiative was supported by the organization of Digital Power Network, which protects the interests of Bitcoin owners.
If the law is adopted, it will enter into force for facilities put into operation since 2026. However, the document limits the participation of companies from the suction countries – Russia, China, Iran and North Korea – to protect the national energy interests of the United States and contribute to the development of innovation within the country.
“I strive to make Texas the capital of mining. Entrepreneurs and miners will be able to use natural gas, which otherwise would remain idle. The bill uses the huge energy potential of Texas, strengthen the state’s position in the development of bitcoin and will be useful to the environment. I urge my colleagues to quickly adopt this law, ”Kruz said.
Last year, the senator submitted a bill prohibiting the US Federal Reserve (Fed) to issue its own digital currency (CBDC), from fears that it can violate the confidentiality of user data. Earlier, Cruise said that he regularly buys bitcoin, and in 2023 more than 2 BTC was in his possession.
Source: Bits
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