They propose tapping into that unused energy by hooking up generators that would convert the gas into electricity for the vast computer arrays they use to create new Bitcoin.
Now, the industry is lobbying state lawmakers to introduce legislation that would eliminate taxes on sales of the so-called stranded gas.
The Texas Blockchain Council, the crypto industry’s lobbying arm, wrote a draft bill that it hopes will be introduced during the legislative session that starts in January, said the council’s president, Lee Bratcher.
Texas lawmakers, with support from Governor Greg Abbott, have already taken some of the most aggressive steps in the U.S.
In May, Abbott signed a law that makes it easier for businesses to use crypto as collateral for loans and hold them as assets.
“This tax abatement is another way Texas can give even more incentive to people to mine Bitcoins,” Griffin Haby, business development manager at Limpia Creek Technologies, a crypto mining company, said at a Bitcoin conference in Houston.
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