Bitcoin mining: Texas will offer tax exemptions to miners!

Texas, a Bitcoin-friendly US state, is taking bold steps to encourage Bitcoin mining and reduce greenhouse gas emissions. A new law, HB 591, now grants tax benefits to energy consumers exploiting flared gas to power Bitcoin mining.

Reducing CO2 emissions through mining

Texas, a state recognized as a reference in the field of Bitcoin mining, consolidates its leadership by presenting a bold initiative aimed at boosting Bitcoin mining activity while actively participating in the reduction of greenhouse gas emissions .

This vast state in the southern United States undeniably occupies a central position in the Bitcoin mining industry, housing the majority of mining facilities in the country. According to information relayed by Bloomberg, thanks to a law enacted at the beginning of the year, HB 591, Texas will abolish taxes on gas consumed at wells. This gas would normally have been legally vented.

This measure marks the beginning of a new era for energy producers, granting them tax advantages for their mining operations fueled by flared and captured gas. The objective is twofold: to boost the Bitcoin mining sector while actively participating in the reduction of greenhouse gas emissions.

Recovery of Waste Gas

Using methane, usually released during the production of fossil energy, for the mining of Bitcoin, presents an ingenious solution to counter the environmental impact of this sector.

Methane, a residue of the oil and gas industry, is frequently wasted during combustion, resulting in both significant loss and air pollution.

While released methane contributes to climate change, its productive exploitation as part of the mining process could significantly reduce greenhouse gas emissions. This approach has the potential to generate a negative carbon footprint while also making the crypto mining industry more profitable.

In short, Texas is positioning itself as a leader by establishing a symbiosis between Bitcoin mining and the reduction of greenhouse gas emissions. HB 591 opens up new vistas for a more sustainable industry, offering both tax advantages for energy producers and a vision for environmental responsibility for the future of Bitcoin mining.