Austin, TX, Monday, April 10, 2023 – The Texas Blockchain Council, Chamber of Digital Commerce, and Satoshi Action Fund announced today the launch of a grassroots campaign aimed at protecting the state’s energy grid and opposing anti-competitive legislation under consideration by the Texas State legislature that would drastically restrict Bitcoin data centers’ participation in the Electric Reliability Council of Texas (ERCOT) grid balancing programs.
The campaign is a response to Senate Bill 1751, which would raise energy prices for Texans and discriminate against the blockchain industry.
“We need to send a strong message to policymakers that the people do not want protectionist policies that push innovation out of the market,” said Perianne Boring, Founder and CEO of the Chamber of Digital Commerce. “At a time when folks here are concerned with the economy, jobs, and a reliable energy grid headed into summer, this bill is the wrong proposal at the wrong time. We are calling all members of the Bitcoin and blockchain community to stand with us in Texas and join our campaign.” Chamber members represent more than 50% of the country’s hash rate on Bitcoin, including many companies operating in Texas.
The campaign is taking action against the bill by organizing opponents in Texas and nation-wide encouraging them to reach out to legislators through phone calls, letters, and social media in opposition of the bill.
Lee Bratcher, President of the Texas Blockchain Council, had this to say about the bill. “ERCOT procures ancillary services for extra capacity to be deployed if needed in an emergency, so by limiting Bitcoin miners’ participation by not allowing them to bid the price down, ERCOT and all Texans will be paying more for these services. This bill does not embody the free-market principles that have made Texas a global economic powerhouse.”
“This bill will stifle innovation, raise energy prices, and kill rural jobs in Texas,” said Dennis Porter, CEO of the Satoshi Action Fund. “The supporters of SB1751 want to interrupt the flow of the free market by creating an anti-competitive marketplace for the benefit of a small group of industry insiders. A ‘NO’ vote would mean that Texas can continue to lead on energy innovation.”
Bitcoin miners in Texas employ more than 22,000 Texans and are a huge economic driver in rural areas. They also bring unique energy capabilities that have worked in partnership with ERCOT to secure and stabilize the power grid. Bitcoin mining companies were able to curtail 50,000 megawatt hours of electricity in July 2022 alone to respond to record heat and energy demand, ensuring that Texans could continue to cool their homes. No other industry can perform the same service as efficiently or effectively.
“Bitcoin miners have provided a valuable additional tool for ERCOT’s operators during tight supply conditions: a flexible load that can shut down so that needed electricity can flow to our most vulnerable customers,” said Brad Jones who served as ERCOT’s interim President and CEO in 2021 and 2022.
The Don’t Mess with Texas Innovation campaign is calling on Texans and the entire Bitcoin and blockchain industry to join the fight to protect the state’s energy grid and oppose Senate Bill 1751.
Join the campaign at www.dontmesswithtexasinnovation.com.
About Satoshi Action Fund
Satoshi Action Fund is an advocacy organization focused on educating policymakers and regulators on the benefits of Bitcoin and Bitcoin mining for the economy, the environment, and the grid.
About Texas Blockchain Council
The Texas Blockchain Council is an industry association working to make the State of Texas the jurisdiction of choice for Bitcoin, blockchain, and digital asset innovation.
About Chamber of Digital Commerce
The Chamber of Digital Commerce is the blockchain industry’s first and largest association. We are fighting to preserve the United States’ leadership in the digital economy through the acceptance and use of digital assets and blockchain technology.
