While the role of government in regulating the cryptocurrency market is still debated, two US states have taken significant steps to encourage the use of bitcoin. New Hampshire, like Texas, decided to take the orange pill. States seem less and less concerned about the current bear market.
Bitcoin (BTC) Mining Stimulates State Interest
Bitcoin mining, once considered harmful, can now help stabilize the power grid in some states. New Hampshire Governor Chris Sununu released January 19 the final report of its “commission on cryptocurrencies and digital assets”.
In it, he urges the state Department of Energy to study how bitcoin mining could help stabilize New Hampshire’s power grid and pave the way for its development.
Besides, The report suggests investigating how bitcoin mining could be integrated into a statewide energy strategy. The Commission concludes that the intermittent and one-time electricity consumption of the bitcoin mining industry can be an asset for the stability of electricity networks, and even inspire the development of new energy sources such as renewable energies.
“The Commission recommends that the Governor and the Legislature direct the NH Department of Energy to conduct a public study on how bitcoin mining operations could be incorporated into a scaled energy plan. of the State with positive impacts on the electricity system (…)”
Former Texas Energy Commission employee Brad Jones also said:
” Mining #Bitcoin helps balance our grid and generates more renewable energy in our system”
— Documenting ₿itcoin (@DocumentingBTC) January 15, 2023
Texas: An inspiration for other states?
Even though the cryptocurrency market has seen a sharp decline, cryptocurrency enthusiasts remain optimistic. According to them, cryptocurrency transactions are the future. Ted Cruz, a US senator, is one of them. The politician who hopes to make Texas “a crypto oasis” has a reputation for supporting bitcoin (BTC).
Just a few weeks after handing over The report from the Texas Work Group on Blockchain Matters to the Texas Legislature, the New Hampshire report comes in. Group members unanimously agree that buying Bitcoin in Texas is a safe investment.
Indeed, the report pleads in favor of a regulation of self-care. Additionally, it promotes more tax incentives for local bitcoin miners who help maintain network stability, and classroom education about bitcoin.
But let’s be clear: at this point, these two reports only provide suggestions. However, if these proposals apply, Bitcoin adoption in Uncle Sam’s land is more likely to accelerate. In El Salvador, the Legislative Assembly approved a law on digital assets. Will the interest of the states favor the revival of bitcoin in 2023?
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