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While the bankruptcy of Genesis Trading is sending renewed (but expectable) shockwaves through the crypto market, two American states have taken important steps to foster Bitcoin. After Texas published a report, New Hampshire is now also on the verge of taking the “orange pill.”
New Hampshire’s Governor Chris Sununu’s “Commission On Cryptocurrencies And Digital Assets,” established by executive order in February 2022, issued its final report yesterday, recommending that the New Hampshire Department of Energy should examine how Bitcoin mining can help stabilize the power grid and build more sustainable generation projects.
In addition, the report also offers to explore how bitcoin extraction can be integrated into an energy plan at the state level. To justify this advice, the board submits that the only one, Interruptible nature of mineral electricity demand Bitcoin can provide a stabilizing advantage for electricity networks and even encourage the development of new energy resources, renewable energy sources.
The Commission recommends that the Governor and the Legislature direct the NH Department of Energy to conduct a public review of how Bitcoin mining operations might be integrated into a statewide energy plan with positive impacts for the electricity system […].
Unlike a hospital, for instance, Bitcoin mining can activate and deactivate its demand much easier when other demands on the network are very high. This ability to stabilize the electricity system has been in use in the state of Texas for some time.
Most recent was the case during the arctic storm over the Christmas holidays when BTC miners in Texas once again voluntarily shut down power to keep the grid running. Just a few days ago, former Texas energy system chief Brad Jones brought this to the attention of the Texas blockchain summit.
For many years, I have been searching for scale loads that can truly meet the demand in a way that helps balance our grid. But he's still here now. Bitcoin has the nature to refuse when prices start to go up in a way that we can give that power to consumers.
?REAKING: Former leader of Texas' energy grid, Brad Jones says, "#Bitcoin mining is helping balance our grid and is driving more renewables into our system" pic.twitter.com/kGYwAkOVv8
— Documenting ?itcoin ?? (@DocumentingBTC) January 15, 2023
Texas Is “Bitcoin Country”
Remarkably, the New Hampshire report comes just a few weeks after the release of a report titled “Texas Work Group On Blockchain Matters” which is addressed to members of the Texas Legislature. The working party recommends to make bitcoin an investment approved for the State of Texas.
He also calls for the shift to protecting self-sufficiency, providing tax incentives for local BTC miners who stabilize the network, and Bitcoin education in schools and colleges. In addition, the report requests legal clarity on the functioning of a lightning node that does not make a person or institution a money services business.
The Texan government is proposing to allow Bitcoin as an authorized state investment.
Texas is Bitcoin country ??
— Dan Held (@danheld) January 18, 2023
So are the United States and the United States going to buy BTC? At the moment, it sounds like a chimera. But at least in Texas, the pioneering state has held appeals "Bitcoin country," there is an initiative to make this possible by law.
In addition, both reports are only recommendations at this time, concluding there is a need for more research on CTA. However, New Hampshire and Texas could drive the adoption of Bitcoin in the United States should they decide to follow the recommendations.
At the time of the press, the BTC price was at $20,982, remaining relatively stable below the key resistance zone at $21,500, despite the latest information from Genesis Trading's bankruptcy filing.
Featured image from Samuel Branch / Unsplash, Chart from TradingView.com
