Friday, April 12, 2024

US: Mark Wright wants Louisiana State to benefit from crypto mining

Crypto enthusiast Mark Wright, who is also the Louisiana State representative, doesn’t want his home state to be deprived of the massive opportunities that come with cryptocurrencies and mining. He proposed before the Louisiana House of Representatives the “Bill No. 1010” to allow the creation of deregulated industrial power zones.

The Deregulated Power Zones Act, once approved, would allow a governing authority to petition the state land office to designate a tract of land within the parish as a power zone. Moreover, it would transform the state of Louisiana into an attractive place for Bitcoin miners.

Eric Peterson, the director of the Center for Technology and Innovation Policy at the Pelican Institute for Public Policy, highlighted that due to the current laws in Louisiana, it’s difficult for Bitcoin miners to partner directly with energy providers. He believes the policy would allow for the creation of 640-acre deregulated power zones by local governments. The zone would make it easier for energy producers and Bitcoin miners to collaborate.

Such zones would provide a more stable and reliable source of energy. It would help lower the cost of electricity as miners would be able to negotiate rates with the power companies. The zones would also provide greater certainty and predictability for miners when mining operations.

In 2021, Louisiana’s GOP-controlled state House passed a resolution formally commending Bitcoin for its success in becoming the first decentralized trillion-dollar asset. The resolution acknowledged that cryptocurrency pushes for state and local governments to consider ways that could help them benefit from the increased use of the new technology.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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