Texas State Senate has passed Senate Bill 1751, which aims to restrict incentives for cryptocurrency miners in the state. The legislation would modify sections of Texas’ utilities and tax codes to add limitations for mining firms. Under the proposed bill, mining companies participating in a program intended to compensate them for load reductions on Texas’ power grid would have their incentives capped at 10%, and certain companies operating data centers would not receive an abatement on state taxes starting in September 2023.
The bill will now be discussed in the Texas House of Representatives, which is scheduled to meet and address legislation on April 13. If the bill is passed in the House, Texas Governor Greg Abbott will be able to sign it into law.