By Landon Manning
The Commission on Cryptocurrency, set up by New Hampshire Governor Chris Sununu, has made an official recommendation to the state government: Bitcoin use should be promoted and encouraged in the state and miners should be partnered to improve the power grid.
This is news It follows the decisions of Governor Sununu’s “Commission on Cryptocurrencies and Digital Assets” created last February in late January. The commission was created to investigate a wide range of topics related to the economic impact of cryptocurrency in general, creating New Hampshire as “an ideal jurisdiction to attract the highest quality banking and financial businesses and the well-paying jobs they provide.” Our citizens.”
Its statement was Published December 2022 opened with the claim that despite the bad news of dramatic declines in exchanges, altcoins or NFTs, there is a rich and dynamic world of economic activity in the crypto community. One of the most emphasized points of the report is that the government should provide regulatory clarity to protect both consumers and the economy, and the report repeatedly calls attention to the positive impacts of Bitcoin in many areas of life. Most notably, it discussed Bitcoin and the Power Grid.
Acknowledging that fossil fuel mining operations are harmful to the environment, the report made a strong and well-researched claim that Bitcoin mining would stabilize the renewable energy phase and promote new renewables. The story is a good example of mining in 2023: unlike many users, a mining rig is very interruptible. Miners can activate quickly when renewable plants produce electricity when they are not needed, and quickly shut down operations when demand is high. Among other benefits, this creates an entirely new incentive to open new renewable plants. It is for this purpose that the Commission recommended that the mining companies enter into formal partnership with the Government and set up permanent operations near the existing power plants.
It seems that there was a commission report Well received, Governor Sununu said at the time that the “specific recommendations will establish New Hampshire as a leading jurisdiction to promote sound and effective applications of blockchain technologies.” This comes based on a pair of reports made to the state of Texas in Q4 2022. One Encourages similar camaraderie through regulations and tax credits Another one Miners prepared by the state power grid announced a voluntary plan to curtail operations during peak demand.
While New Hampshire’s plan seems to fit the benefits of bitcoin mining with a focus on renewable energy, both are certainly a model for state governments moving forward. New Hampshire has a much smaller mining community than Texas, which has risen to world leadership, and plans must accommodate reality. But of course, Texas, it’s worth noting produces More renewable energy than other states. In any case, any bitcoiner will surely be pleased to see local governments emphasizing the positive impacts of cryptocurrency and eager to see new ways to integrate it. With such forward-thinking plans for the future, the possibilities for Bitcoin are truly limitless.
The views and opinions expressed herein are those of the author and those of Nasdaq, Inc.