Texas Offers New Tax Benefit to Attract Bitcoin Miners

Texas will open its doors next month to a new incentive aimed at cutting greenhouse gas emissions from flared and vented gas, offering a severance tax exemption to energy producers using the fugitive emissions to power Bitcoin mining rigs.

Under a law enacted earlier this year, HB 591, Texas will waive taxes on gas consumed at the well site that would otherwise be lawfully vented or flared—often referred to as “stranded gas.” The program could help Texas cut releases of stranded gas, a major source of CO2 emissions, methane, and pollutants resulting from burning gas. In addition, the oil ...