Texas set to accumulate bitcoin

Texas set to accumulate bitcoin

El Salvador often makes headlines when it comes to talking bitcoin, but Texas is no slouch. The world’s ninth largest economy is even ahead.

Texas, bitcoin nation

A Texan task force is in charge of the scaffolding “statewide strategic approach” to facilitate the installation of the bitcoin industry he published his report. He advises:

  • That bitcoin is owned by the State of Texas (which could pave the way for the possibility of paying taxes in BTC…)
  • Implementation of a state strategy for the safe custody of bitcoins
  • Tax breaks for bitcoin miners
  • Teaching bitcoin in schools

In other words, Texas could soon follow in the footsteps of El Salvador, which already has more than 2380 BTC. Here is a clear quote from the report:

“Texas has a history of allocating some of the state’s reserves to safe assets. A reserve of gold bullion was established in response to the financial crisis of 2008. Bitcoin could naturally be added to this. They already have several cities in Texas on their balance sheet, such as Fort Worth. »

Meanwhile, Texas Governor Greg Abbott is full of praise: “We see what bitcoin means to the world and Texas wants to be at the center of it. We would like remove all regulatory barriers and make sure that those who invest in Bitcoin have a place to settle. »

The governor understands that bitcoin miners can be an asset to the power grid by participating by cutting power to mining machines during peak demand.

“Increasing baseload demand for electricity [la demande d’électricité minimale à tout moment] it encourages energy companies to invest more in energy infrastructure”, he said.

A spokesperson for ERCOT (the company that runs the Texas power grid) told Cointelegraph that BTC miners can help stabilize the grid by suspending their demand for electricity in real time:

“BTC mining is extremely responsible. Activities can stop in a fraction of a second and remain pending as long as needed. »

Close cooperation with the power grid

Lancium CEO Michael McNamara was at the Texas Blockchain Summit (last November 17 and 18). For it, miners must be able to adjust their electricity demand in less than 15 seconds.

That is why his company and its software (Lancium Smart Response) make it possible to respond as quickly and accurately to requests from the electrical network:

” Such software necessary to meet the deadlines required by ERCOT. It allows finer variations in network stabilization. This is an advantage, as the more surgeries performed on ERCOT applications, the higher the monetary compensation. for minors. »

Michael McNamara claims that “All companies in the energy sector have a common vision of the role bitcoin mining should play in the network.”

This is not the case in France where EDF pathetically runs Ethereum nodes that require no energy…

Anyway, let’s finish the icing on the Texan’s report about bitcoin-backed digital identity:

“Our freedom and democracy are under serious threat from governments and corporations that increase digital surveillance of individuals. The most effective way to combat this surveillance is to prevent it by developing new technologies. The State of Texas should honor its tradition of individual liberty by adopting a sovereign digital identity. […] Bitcoin’s immobility allows for the creation of decentralized identifiers (“DIDs”).. These ensure that identity data can be issued, stored, shared and verified privately. »

2009: Bitcoin is not a currency
2010: Nobody uses it
2014: Only a few criminals
2019: Only a few companies
2021: Only a few small countries
2022: Texas enters…

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Nicolas Teterel avatar
Nicolas Teterel

Journalist reporting on the Bitcoin revolution. My papers deal with bitcoin through geopolitical, economic and libertarian prisms.

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