Bitcoin policy proponents rejoiced over numerous triumphs during the latest quarter, which encompassed the passage of Texas SB 1929—a bill supportive of mining—and the rejection of Texas SB 1751, an adverse mining bill.

These legislative results will play a crucial role in fostering the expansion and stability of Bitcoin mining activities in Texas. According to Brian Morgenstern, the head of public policy at Riot Platforms, the non-passage of SB 1751 guarantees that the state can continue leveraging the adaptability of Bitcoin miners to balance and stabilize the power grid.

In contrast, the successful passage of SB 1929 has laid the foundation for a registration system that mandates Bitcoin miners to share relevant information with ERCOT. This measure aims to enhance transparency and bolster grid reliability. 

Furthermore, the approval of HB 591 has introduced a tax incentive for the utilization of gas that would otherwise be flared into the atmosphere during on-site Bitcoin mining, thereby encouraging emissions reduction.

Another noteworthy advancement was the enactment of HB 1666, which implemented a proof-of-reserves framework, solidifying Texas's position as a frontrunner in fostering trust and confidence within the Bitcoin ecosystem. 

These legislative accomplishments are a testament to the collaborative endeavors of diverse stakeholders and industry participants, including Riot Platforms, The Texas Blockchain Council, and the Chamber of Digital Commerce, as noted by Morgenstern.

Alongside these advancements, public miner stocks experienced a significant surge in response to the news that the U.S. debt ceiling deal is nearing finalization, and notably, it does not encompass President Joe Biden's suggested 30% tax on energy consumed in Bitcoin mining operations.

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