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Greg Abbott, Governor of Texas, has announced plans to expand the state’s blockchain industry.
In a tweet posted June 5 on his personal account, Governor Abbott said that “blockchain is a booming industry that Texas needs to be involved in.
“I just signed a law for Texas to create a master plan for the expansion of the blockchain industry in Texas.”
The governor, who took office in 2015, has long been a supporter of crypto. He even welcomed “the bitcoin community” to his election campaign in 2014. And more recently, he expressed his support for a cryptocurrency law in Texas, saying to “count it” in March.
Regarding cryptocurrencies, he said: “They are increasingly used for transactions and are starting to become widespread as an investment. Texas should run this like we did with a gold deposit. “
Since then, Texas lawmakers have passed the bill establishing a legal framework for cryptocurrency investments in the state. On May 28, reports revealed that the bill had since passed to Gov. Abbott’s office for final signing.
At the time, reports also indicated that Texas was one of 25 US states to consider cryptocurrency legislation. According to reports in April, Francis Suarez, mayor of Miami, pushed for a bill that would lead to significant regulation of cryptocurrencies in Florida. He passed the bill after a unanimous vote in the Florida House of Representatives.
Wyoming had already passed a cryptocurrency bill in 2019.
Chinese mining operations move to Texas
In light of the country’s recent crackdown on bitcoin mining operations, China’s cryptocurrency miners have started moving their operations overseas. Reports indicate that they have begun to view North America – the United States in particular – as a potential location. Previously, states accounted for 11% of bitcoin’s hash rate. Since China announced its crackdown, that number has now risen.
Texas is one of the states that would be favored because of its favorable energy prices. In addition, a considerable percentage of Texas’ energy production comes from renewable sources. More precisely, wind and solar represent more than 25%.
Reports show that several large mining companies, including Bitmain, Blockcap, Argo Blockchain, Great American Mining, Layer1, Compute North, Riot Blockchain and Whinstone, have since established operations in Texas.
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