NH Governor Recommends Integrating Bitcoin Mining into State Energy Plan7. February 2023
• The New Hampshire “Commission on Cryptocurrencies and Digital Assets” has recommended that the NH Department of Energy create a public review of how bitcoin mining operations could be integrated into a statewide energy plan.
• This comes after Texas Work Group On Blockchain Matters, which recommended making bitcoin an authorized investment for the state and giving tax incentives to local BTC miners.
• Both reports suggest that American states are increasingly considering the benefits of embracing bitcoin and point to the importance of regulation to protect consumers.
New Hampshire Commission Recommends Public Review of Bitcoin Mining
The New Hampshire (NH) Governor Chris Sununu’s “Commission On Cryptocurrencies And Digital Assets” has returned results that suggest the NH Department of Energy create a public review of how bitcoin mining operations might be integrated into a statewide energy plan. Governor Sununu created the Commission via executive order back in February 2022, which in part read that “the State of New Hampshire should continue to be an active proponent of financial services innovation and should remain an excellent jurisdiction to attract the highest quality banking and financial businesses and the well-paying jobs they offer our citizens.”
Positive Impacts for Electricity System
The commission cites “positive impacts for the electricity system, including contributing to a more stable electricity grid, more sustainable generation projects, and lower costs for consumers generally,” as reasoning for this recommendation.
This report’s findings come a couple of months after the release of a report titled “Texas Work Group On Blockchain Matters.” Directed at members of the Texas legislature, it recommended making bitcoin an authorized investment for the state, while giving tax incentives to local BTC miners.
Both reports conclude that further research into Bitcoin is necessary, and indicate that American states are increasingly considering the benefits of embracing bitcoin. Also indicated in the New Hampshire report was the necessity for regulation to protect consumers. “A well regulated cryptocurrency market provides consumer protection, and trust in the market which is a boon to investors, the general public, and businesses alike,” reads appendix B, written by New Hampshire’s Bureau of Securities Regulation. “What has become increasingly clear over the past several years is that cryptocurrency has a role in securities regulation.”
States like New Hampshire and Texas could end up leading the way for Bitcoin adoption in the U.S. if they decide to follow such recommendations. It is important for Bitcoiners who have ties to state legislature or are in the Bitcoin ecosystem to advocate for continued inquiry into how states can integrate technology as states are often much more nimble when compared with federal government when it comes adopting new technologies.