Pierre Rochard, VP of research at Riot Platforms testified yesterday that Bitcoin is a net positive for the country.
The Senate Committee on Business and Commerce heard testimony on a Texas bill that would ban flexible load agreements between bitcoin miners and energy providers yesterday.
The bill aims to ban arrangements where energy providers like ERCOT would pay bitcoin mining operators to shut down their facilities, effectively freeing up currently-surplus energy for use during emergencies or times of need.
Bitcoin Policy Institute Senior Fellow Natalie Smolenski noted in a tweet that the bill also seeks to “Ban tax abatement for miners in Texas because ‘mining has been projected to grow in the state'”
Riot Platforms Vice President of Research, Pierre Rochard, testified that the company’s presence in Texas has a beneficial impact on rural communities, employment and energy production.
“Bitcoin miners are the number one employer in Rockdale. Bitcoin miners are also the number one taxpayer for Rockdale ISD. Bitcoin mining is good for rural education.
“Even if you are skeptical about bitcoin, the reduction is very effective in revitalizing rural communities.”
Supporters of the bill, like sponsor State Senator Lois Kolkhorst, cited the state’s goal of increasing energy production, saying that the industry’s use of this energy and the subsequent shutoff arrangement with ERCOT “is part of the business model.”
But as Bitcoin Magazine’s Mark Goodwin notes, the renewable energy production curve, which shows the growing proportion of the country’s energy, will be able to improve, not destroy, using bitcoin mining.