Greg Abbott, the governor of Texas, has announced plans to expand the state’s blockchain industry.
In a tweet posted on his personal account on June 5, Gov. Abbott said “Blockchain is a thriving industry in which Texas should participate.
“I just signed a law in Texas to create a master plan to expand the blockchain industry in Texas.”
The governor, who took office in 2015, has long been a supporter of crypto. He even welcomed the “bitcoin community” in his election campaign back in 2014. And recently he expressed support for the law on cryptocurrencies in Texas, saying to “count”
Regarding cryptocurrencies, he said: “It is increasingly being used for transactions and is starting to become mainstream as an investment. Texas should lead this, as we did with the Gold Depository. “
Since then, lawmakers in Texas have passed a bill to establish a legal framework for cryptocurrency investments in the state. On May 28, reports revealed that the bill had since been handed over to Governor Abbott’s office for his final signature.
At the time, reports also indicated that Texas was one of 25 states in the United States reviewing cryptocurrency legislation. According to reports made in April, the mayor of Miami, Francis Suarez, passed a bill that would lead to significant regulation of cryptocurrencies in Florida. He passed the bill after a unanimous vote in the Florida House of Representatives.
Earlier, Wyoming passed a bill related to cryptocurrency throughout 2019.
Chinese mining operations are moving to Texas
In light of the country’s recent crackdown on bitcoin mining operations, Chinese cryptocurrency masters have begun relocating their operations abroad. Reports show that they have begun to view North America – especially the United States – as a potential site. Previously, the United States accounted for 11% of bitcoin hashes. Since China announced its crackdown, that number has now risen.
Texas is one of the states that are reported to be favorable because of favorable energy prices. In addition, a significant percentage of Texas’ energy production comes from renewable sources. In particular, wind and solar energy account for more than 25%.
Reports show that several large mining companies, including Bitmain, Blockcap, Argo Blockchain, Great American Mining, Layer1, Compute North, Riot Blockchain and Whinstone, have set up operations in Texas.