Texas has seen the upside of China’s decision to cancel bitcoin mining, in what set off the ‘Great Mining Migration’ to Austin, Texas. The Texas Blockchain Council has grown to 70 members and is led by Lee Brachter, the President of the organization. Last week, the council held one of the largest state-level blockchain one-day summit ever.
The Governor of Texas, Greg Abott, recently announced his intention for the lone-star state to become the home of bitcoin as well as many other cryptocurrencies.
After the China’s crackdown on cryptocurrencies, many investor are looking a new home, and Texas may be the perfect choice for them. Many Chinese bitcoin businesses have flocked to Texas in search of stability and growth. BIT Mining, located in Shenzhen, is to invest $26 million in the state to develop a data center, while Bitmain, based in Beijing, is expanding its Rockdale plant. This little town of 5,600 people used to be home to one of the world’s largest aluminum factories, but now it’s the next worldwide centre for bitcoin mining.
Texas Governor Greg Abbott has already met twice with the Texas Blockchain Council. “Texas will be the crypto leader” Abbott said recently on Twitter. “Cryptocurrency is now coming to Texas grocery stores.” Abbott was alluding to H-E-decision B’s to install bitcoin kiosks in a few Texas grocery stores.
President of the Texas Blockchain Association Lee Brachter stated “Texas is poised to become the jurisdiction of choice for blockchain innovation for several reasons including; the business friendly climate that has been cultivated in Texas for many years, the efforts of our Texas Blockchain Council working alongside lawmakers like Representative Tan Parker and Senator Angela Paxton to create legal and regulatory frameworks that allow for entrepreneurs to innovate.”
Other state are doing the same thing.
Texas House Bills 1576 and 4474 officially took effect on Sept. 1 after being signed into law by Governor Greg Abbott in June of 2021. Texas House Bill 1576 establishes a working group on blockchain technology. HR 4474 was a bill that updated the Uniform Commercial Code to recognize cryptocurrency and becomes the latest state – along with Rhode Island and Wyoming – to do so. Meanwhile, the Commissioner of the Texas Department of Banking issued a letter authorizing all Texas state-chartered banks to custody.
The city of Miami has already stated its ambition to become the bitcoin capital of the world.