- State Representative proposes a bill to deregulate Bitcoin mining in Louisana.
- The proposed law adheres to a few rules stated by the present law.
The Bitcoin mining industry has enormous potential but is also a matter of concern as well. The not-so-pro-crypto community has reiterated the massive amount of energy consumed by the industry and that the practice of mining is not environmentally friendly.
Therefore, to keep things in check, the government in the state of Louisana regulated Bitcoin mining and imposed restrictions. However, recently, Mark Wright, the State Representative, has introduced a bill to remove regulations from the power zones of the state.
The Bill is named “Deregulated Industrial Power Zones Act” and will be applied to “deregulated industrial power zone,” ” governing authority,” and “state lands.” It will allow government authorities to file a petition for a part of the land as a power zone, but the latter will have to hold a public meeting within a fortnight of the hearing. During the session, the authority will have to prepare a thorough analysis of the impact that the power zone will have.
The bill also states that the revised or proposed law will stick to the previous law but provide an exception. It will be applied to customers who will ensure consuming electricity within the power zone for “commercial” or “industrial use.” The exception will also apply to the user who will not purchase ” electricity to replace electrical service capacity that existed prior to the establishment of the power zone.”
Though the proposed bill is meant for relaxing restrictions imposed by the present law, it will still not provide permission for a utility producer to recover costs and will ensure that it does not severely affect the “service provided to other retail customers.”