The Texas Senate will pass a bill to eliminate tax incentives for cryptocurrency mining companies

ChainCatcher News, the Texas Senate has passed Bill 1751, which will amend certain provisions of the state's utility and tax laws to increase restrictions on cryptocurrency mining companies. The bill aims to limit the incentive cap for crypto mining companies participating in demand response load reduction programs to 10% and eliminate tax breaks for the industry. The next step for the bill is to be submitted to the Texas House of Representatives, with a meeting scheduled for April 13 to discuss the legislation.

Marathon Digital Holdings mining company CEO Fred Thiel stated that if the bill is passed in Texas, some mining companies participating in load reduction programs may see a decrease in their revenue. All miners operating in the state will be affected by the tax policy. (Cointelegraph)