Mark Wright, a Louisiana State Representative and cryptocurrency enthusiast proposed a bill in the State’s House of Representatives to establish unregulated industrial power zones. Wright introduced the bill to the State’s House on the 6th of April.
If the proposed bill graduates into law, it will permit a government to assign a parcel of land under its jurisdiction to serve as a zone for unregulated power generation. Reports say that passing the bill would enshrine the State as a favorite destination for
minting factories of virtual assets.
Additional countries and government officials acknowledge the far-reaching potential of cryptocurrency mining and usage. The latest news comes from Louisiana State’s Rep. Wright, who intends to attract the benefits of crypto and its mining to the State.
The State’s existing legislation reportedly makes a potential partnership of Bitcoin minting factories with electricity production companies almost impossible. Eric Peterson, a top official at the Pelican Institute for Public Policy, says the policy would permit local governments to assign about 258 hectares of land as zones for deregulated power.
According to Peterson, the regions would help facilitate collaboration between Bitcoin mining enterprises to generate and use electricity. Before proposing the bill to the House, Wright likely had similar intentions, considering how he expressed enthusiasm for crypto.
Increasing Support for Virtual Currencies among US Politicians
The Louisiana State senator isn’t the only US politician who openly advocates for cryptocurrency usage and mining. More and more politicians in the nation across different states are becoming more outspoken about their support for virtual assets.
For instance, a senator from Wyoming announced in March that she was finalizing a bill to advocate for a national financial sector that fully integrated virtual possessions. Similarly, Bryan Solstin, a Washington DC Senate Candidate, has declared that he would include making Bitcoin a legal tender in the US as one of his main actions if he wins the elections.
National support for Bitcoin and other cryptocurrencies keeps increasing despite the disapproving body language of US financial regulations regarding the industry. Solstin is among several other candidates for the US Senate, making similar promises.
Heightened Power Need for Bitcoin Mining
Bitcoin mining is well-known to consume a high level of electricity, and countries with cheap electricity have often become potential destinations for Bitcoin miners. Reports highlight the US, Iceland, Canada, Russia, Kazakhstan, and Venezuela as the current bitcoin mining hot spots.
In the early stages of cryptocurrency mining, China had been the favorite destination for minting factories. However, an outright ban on cryptocurrency and an increasing crackdown on NFTs in China predisposes the US as the crypto mining industry’s top destination.
In Kazakhstan, known for cheap electricity, the influx of Bitcoin miners has reportedly led to a widespread shortage of electricity across the nation. The country’s president, in response, ordered an increase in the taxes on crypto miners. Reports also say Kazakhstan’s president has ordered the relevant agencies to scrutinize all bitcoin miners for appropriate licenses and documents to salvage the nation’s electricity sector.