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PUCT Chairman Thomas Gleeson said the new rule was designed to help manage the power grid as more mining facilities come online.
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Texas’ utility regulator has passed a rule requiring Bitcoin miners using the grid maintained by the Energy Reliability Council of Texas (ERCOT) to register and share key details about their facilities.
Under the Public Utilities Commission of Texas (PUCT) rule, passed on Nov. 21, Bitcoin (BTC) miners must share the location, ownership information and demand for electricity of their facilities with the state agency.
Miners have only one working day after the date their facility connects to the ERCOT grid to register and must renew every calendar year on or before March 1.
ERCOT is an independent system operator representing 90% of the state’s electric load.
According to PUCT Chairman Thomas Gleeson, the new rule was designed to help manage the power grid as more mining facilities come online.
“To ensure the ERCOT grid is reliable and meets the electricity needs of all Texans, the PUCT and ERCOT need to know the location and power needs of virtual currency miners,” he said.
Related: Texas’ gold-backed coin aims to help Bitcoin adoption, says lawmaker
Following China’s crackdown on crypto mining in 2021, miners relocated to other jurisdictions, with many landing in Texas to continue their operations.
Bitcoin miners who fail to register under the PUCT rule will face a Class A violation, which can result in up to $25,000 in daily fines.
Texas senator wants state to become a Bitcoin oasis
Meanwhile, Texas Senator Ted Cruz has pledged to make his state an “oasis” for Bitcoin and cryptocurrency.
In a Nov. 21 interview with Fox Business, Cruz said the biggest threat to Bitcoin is the federal government, specifically politicians who have made their disdain for digital assets clear.
Cruz said in his view, the federal government hates Bitcoin because it’s decentralized, “they can’t control it.”
“I want it out of government control; I don’t want federal bureaucrats having control over it.”
“I want Texas to be the oasis for Bitcoin and cryptocurrency; we are seeing miners and innovators from all over the world coming to Texas to invest and create new jobs when it comes to Bitcoin and crypto.”
Source: Ted Cruz
At the recent Nov. 21 talk at the North American Blockchain Summit, the Satoshi Action Fund (SAF) said Strategic Bitcoin reserve legislation is reportedly the subject of preliminary discussions among Texan lawmakers.
According to Cruz, the current boom in the market is “people responding to what’s going to be a favorable regulatory environment” following President-elect Donald Trump’s success during the US election and after years of crackdowns by the previous administration.
Magazine: Is Bitcoin heading back to $90K? Solana ETFs, and more: Hodler’s Digest, Nov. 17 – 23
This article first appeared at Cointelegraph.com News
