A group of crypto and blockchain firms have decided to team up to form the Texas Crypto Advocacy Group. This group is called Texas Crypto Freedom Alliance and it was founded by a16z crypto, Coinbase, Ledger, Bain Capital Crypto, Blockchain Capital and Paradigm. The group's announcement said it will further its goals by promoting the Crypto Freedom Alliance, an educational initiative targeting government officials, corporations, nonprofits and other organizations to highlight the value of Web3 in Texas.
Although Texas is a suitable place for Web3 developers, there is a need to form an advocacy group to deal with the legal issues here. A leader of the group says that in addition to campaigning for reform of the Unincorporated Organizations Law, the group will also advocate for crypto-friendly tax laws, bank charter laws, and bank regulations. Texas is a well-known crypto mining hub in the United States. Genesis Digital Assets manufactures most of its CPUs in Texas. Additionally Hut8, a crypto mining firm, transferred 6,400 mining computers to the state on July 3. After China banned cryptocurrency mining in 2021, crypto mining in the United States has increased significantly. Texas has quickly emerged as a top state for large-scale crypto mining operations.
But Texas recently paid Bitcoin miner Riot $31.7 million to stop mining due to the heat in August. Bitcoin miner platform Riot mined less Bitcoin in August compared to July. But Power Credits have mined more than $31 million, which is equivalent to approximately 1,136 Bitcoins. The firm received these Bitcoin credits thanks to a contract with Texas grid operator ERCOT.
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