Bitcoin advocates have gathered outside the Texas state capitol to protest a proposed bill that would drastically reduce mining incentives for cryptocurrencies. Members of the cryptocurrency community have argued that the bill would not only hurt the industry but could also be detrimental for the economy of Texas.

The proposed bill, if passed, would impose hefty taxes on cryptocurrency companies that mine bitcoins, Ethereum, and other coins. Supporters of the bill contend that it is necessary to level the playing field with unscrupulous actors that evade taxes. Opponents, however, contend that the bill would do irreparable damage to the state's cryptocurrency market.

Those in opposition to the bill point out that the incentive to mine revenue in Texas would be drastically reduced, leading to a decline in jobs and revenue. Furthermore, they fear that the bill would lead to the loss of the competitive advantage of the Texas cryptocurrency market, something that the local industry has already worked hard to establish.

Jonathan Wood, an advocate of the anti-HB 3371 campaign and Austin-based engineer, said: “We’re paying out of pocket to educate legislators about Bitcoin and cryptocurrency — this is our money. We should be using it to build the local economy, not detract from it by stifling growth in this community. We need to remind our elected officials to think twice before introducing a bill that harms economic development.”

This isn't the first time bitcoin advocates have voiced their opposition to a piece of legislation that would affect the Texas cryptocurrency market. In 2019, several similar bills were introduced, but each one failed to pass. This time, however, the bill has garnered more attention due to its potentially damaging effects. As more states consider similar legislation, many in the bitcoin community worry that a domino effect could lead to the criminalization of bitcoin mining.

The outcry against the proposed bill has been widespread, drawing the attention of organizations such as the Bitcoin Foundation and the Bitcoin Association. The Bitcoin Foundation issued a statement saying that the bill, if enacted, would kill the Texas digital economy.

These groups are urging people to contact their representatives and demand that the bill be killed. They believe that the bill is antithetical to the freedom of the Texas cryptocurrency market and will be detrimental to the future of the state's cryptocurrency industry.

Cryptocurrency advocates in Texas have recently come together in protest at the state Capitol to urge their representatives to oppose the proposed HB 3371 bill. They argue that if this bill passes, it will significantly reduce mining incentives for cryptocurrencies, hurting the local economy and the industry as a whole. Furthermore, opponents of the bill claim that it will hamper the competitive advantage of the Texas cryptocurrency market and potentially lead to the criminalization of bitcoin mining. Organizations such as the Bitcoin Foundation and the Bitcoin Association are speaking out against the bill, stressing its negative effects and calling on those in opposition to contact their representatives to urge them to reject the bill.



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