This week, the Bitcoin mining industry achieved significant milestones with critical political support.
A prominent US senator joined the sector, and Oklahoma passed key legislation favoring its growth. The convergence of these events marks an important step for the industry, reflecting increasing mainstream acceptance.
Bitcoin Mining Gains More Political Backing
On May 31, Senator Ted Cruz announced the acquisition and operational start of three Bitcoin miners in Iraan, Texas. Marathon Digital CEO Fred Thiel praised Cruz’s initiative, welcoming him to the Bitcoin mining community and highlighting his role in securing the network.
“Welcome to the ranks of Bitcoin miners! Thank you for helping to secure the Bitcoin network,” Thiel remarked.
Cruz has long been a vocal advocate for Bitcoin mining. Last year, he pointed out its benefits during a Texas heatwave, noting its flexibility to divert energy during emergencies. Cruz said machines can be shut down quickly during extreme weather to divert energy to critical needs like hospitals and homes.
This latest move underlines Senator’s ongoing commitment to the cryptocurrency industry. He has consistently championed crypto adoption, including proposing accepting crypto donations for his campaign. Notably, Cruz holds a substantial amount of Bitcoin, having purchased $50,000 in 2022.
Read more: Bitcoin Mining From Home: Is It Possible in 2024?
How Oklahoma Lawmakers Voted For Bitcoin MIning Bill. Source: Bitcoin Magazine
In related news, Oklahoma lawmakers passed House Bill 1600 on May 30, offering tax credits to digital asset mining operations. The bill, pending the governor’s signature, aims to exempt commercial mining machinery from taxes, including servers, computers, and transformers.
The Oklahoma Bitcoin Association stressed the bill’s significance, stating it would make state power prices highly competitive for miners and attract investments revitalizing rural areas. The bill is expected to optimize Oklahoma’s electricity grid and reduce power costs for residents.
“This bill will optimize the Oklahoma electricity grid [and] place downward pressure on power prices for all Oklahomans. It would also diversify the economic activity of the state,” the association added.
This legislative support follows Bitcoin Bill of Rights, which protects individuals’ rights to self-custody digital assets, engage in mining, operate full nodes, and trade digital assets.
