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One would think, but Biden is looking at imposing a 30% excise tax on crypto miners. This is directly targeted at Texas, to slow further development and growth

One would think, but Biden is looking at imposing a 30% excise tax on crypto miners. This is directly targeted at Texas, to slow further development and growth in that state. Crypto has been one of the largest drivers for renewable energy in Texas, and now they want to put a dagger in it. Investors are watching closely at putting any money into the grid because of the Biden administration. If that tax goes into effect, Texas will have far more energy production than it needs, possibly causing an energy-market crash in that state. I don't know, but it almost seems intentional. Texas can consume up to 8900 megawatts in the summer, average around 6500 MW, and crypto operations consuming up to 2500 MW. There is a lot to think about.

danans 2y ago
> One would think, but Biden is looking at imposing a 30% excise tax on crypto miners. This is directly targeted at Texas, to slow further development and growth in that state. It's not about targeting Texas. It's because the economic value returned to society (in GDP, jobs, etc) from the energy consumed by crypto is less than for energy consuming activities like manufacturing, especially considering the environmental cost of generating that power (which won't all be renewable for a while). This electricity-hungry onshore manufacturing boom is being boosted by legislation like Biden's CHIPS act, which is a big thing in Texas, and is being heavily promoted by Texas's governor: https://gov.texas.gov/uploads/files/business/Texas_CHIPS_Act_Snapshot.pdf https://gov.texas.gov/uploads/files/business/Texas_CHIPS_Act...
- datagrimx 2y ago
  You apparently didn't read what you posted. Texas has been the largest chip producer in the nation for a long time. None of that had to do with Biden. Texas Instruments has three fabs a stones throw from me. Also, HR 7178 CHIPS for America Act was the first recent CHIPS Act, and it was under Trump and Republicans. If you read the wiki page, they completely omit how this all happened. https://www.congress.gov/bill/116th-congress/house-bill/7178/text https://www.congress.gov/bill/116th-congress/house-bill/7178... Democrats abandoned the first bill because it was a Republican bill, then side loaded it into a Supreme Court Funding bill. Democrats literally copied the bill, added a bunch of language for Unions, subsidies and then called it their own. They removed the tax credit provision, and literally handed them money when they are already profitable. https://en.wikipedia.org/wiki/CHIPS_and_Science_Act https://en.wikipedia.org/wiki/CHIPS_and_Science_Act Biden claimed credit for finally signing the bill, after subsidies and other hiring requirements were added to it. Also of note, all of these agreements are non-binding. Micron signed a deal today. They are going to do like most, dig a hole and take the money and leave. TSMC has completely stalled. There are not enough educated to workers on the project, and Biden's demands are creating a number of problems. They are going to stall until after the election, and if Trump loses, pull out completely. As for the electrical issues in Texas, I live here, and we do not have electrical issues. My power has been off once in 10 years and that was during the cold weather in 2021. I have friends I play PUBG/COD with in California and their power is out all the time. I do not understand why people complain about power in Texas. If you drive across the state we have more solar and wind farms than anyone. That includes nations. Biden promised a lot of things and did not deliver. He was supposed to decriminalize marijuana, didn't happen. He promised to reduce my healthcare costs, it didn't happen. They have more than doubled in 24 months. I was onboard for immigrants, but after my sisters daughter was killed by one, which has destroyed our family, I am against it. The amount of misinformation flowing right now is more than when Trump was in office. I am voting for RFK. He seems like the lesser of all evils. As for Texas, Democrats here are not like Democrats everywhere else. We are libertarian hippies. Quit boxing us in all together.
- deviantbit 2y ago
  Really? Because this group has not spent a dime on solar, and is funding the protests on Universities. You have fallen for the same Democrat slime ball propaganda. This same group is under investigation for fraud. It couldn't be because Berkshire Hathaway, one of the largest donors to Democrats, is trying to take over the Texas energy market. https://www.bloomberg.com/news/articles/2023-04-12/warren-buffett-s-texas-power-push-sparks-a-berkshire-backlash https://www.bloomberg.com/news/articles/2023-04-12/warren-bu... https://energyandpolicy.org/utility-industry-contributions-political-organizations/ https://energyandpolicy.org/utility-industry-contributions-p... Every dime has gone to counties aligned with Democrats. Harris County received the award, and they have steered that money to TEPRI. Electricity is already incredibly inexpensive in Texas compared to other states, why flood Houston with solar panels? https://tepri.org/ https://tepri.org/ https://www.choosetexaspower.org/electricity-rates/houston/ https://www.choosetexaspower.org/electricity-rates/houston/ It couldn't be you want Texans to pay more is it? I mean they pay almost half what California pays. https://www.epa.gov/newsreleases/biden-harris-administration-announces-two-texas-groups-will-receive-over-405-million https://www.epa.gov/newsreleases/biden-harris-administration... https://www.aol.com/news/harris-county-selected-solar-grant-021627479.html https://www.aol.com/news/harris-county-selected-solar-grant-... https://www.houstonpublicmedia.org/articles/news/politics/2021/10/06/410194/the-harris-county-da-is-investigating-claims-that-houstons-mayor-steered-millions-to-a-preferred-developer-according-to-a-report/ https://www.houstonpublicmedia.org/articles/news/politics/20... You have no idea what you're talking about. NONE. Warren Buffett bought controlling interest in Occidental. This is power move by Democrats. This has nothing to do with any of what you stated. https://www.cnbc.com/2023/12/14/buffetts-berkshire-buys-more-occidental-in-endorsement-of-permian-basin-related-purchase.html https://www.cnbc.com/2023/12/14/buffetts-berkshire-buys-more...
- cranky908canuck 2y ago
  I'm really crypto-sceptic, but perhaps if cryptomining can be used as the next-best thing to massive resistors to stabilize solar/wind, maybe there's a use for it!

danans 2y ago

> One would think, but Biden is looking at imposing a 30% excise tax on crypto miners. This is directly targeted at Texas, to slow further development and growth in that state. It's not about targeting Texas. It's because the economic value returned to society (in GDP, jobs, etc) from the energy consumed by crypto is less than for energy consuming activities like manufacturing, especially considering the environmental cost of generating that power (which won't all be renewable for a while). This electricity-hungry onshore manufacturing boom is being boosted by legislation like Biden's CHIPS act, which is a big thing in Texas, and is being heavily promoted by Texas's governor: https://gov.texas.gov/uploads/files/business/Texas_CHIPS_Act_Snapshot.pdf https://gov.texas.gov/uploads/files/business/Texas_CHIPS_Act...

datagrimx 2y ago
You apparently didn't read what you posted. Texas has been the largest chip producer in the nation for a long time. None of that had to do with Biden. Texas Instruments has three fabs a stones throw from me. Also, HR 7178 CHIPS for America Act was the first recent CHIPS Act, and it was under Trump and Republicans. If you read the wiki page, they completely omit how this all happened. https://www.congress.gov/bill/116th-congress/house-bill/7178/text https://www.congress.gov/bill/116th-congress/house-bill/7178... Democrats abandoned the first bill because it was a Republican bill, then side loaded it into a Supreme Court Funding bill. Democrats literally copied the bill, added a bunch of language for Unions, subsidies and then called it their own. They removed the tax credit provision, and literally handed them money when they are already profitable. https://en.wikipedia.org/wiki/CHIPS_and_Science_Act https://en.wikipedia.org/wiki/CHIPS_and_Science_Act Biden claimed credit for finally signing the bill, after subsidies and other hiring requirements were added to it. Also of note, all of these agreements are non-binding. Micron signed a deal today. They are going to do like most, dig a hole and take the money and leave. TSMC has completely stalled. There are not enough educated to workers on the project, and Biden's demands are creating a number of problems. They are going to stall until after the election, and if Trump loses, pull out completely. As for the electrical issues in Texas, I live here, and we do not have electrical issues. My power has been off once in 10 years and that was during the cold weather in 2021. I have friends I play PUBG/COD with in California and their power is out all the time. I do not understand why people complain about power in Texas. If you drive across the state we have more solar and wind farms than anyone. That includes nations. Biden promised a lot of things and did not deliver. He was supposed to decriminalize marijuana, didn't happen. He promised to reduce my healthcare costs, it didn't happen. They have more than doubled in 24 months. I was onboard for immigrants, but after my sisters daughter was killed by one, which has destroyed our family, I am against it. The amount of misinformation flowing right now is more than when Trump was in office. I am voting for RFK. He seems like the lesser of all evils. As for Texas, Democrats here are not like Democrats everywhere else. We are libertarian hippies. Quit boxing us in all together.
deviantbit 2y ago
Really? Because this group has not spent a dime on solar, and is funding the protests on Universities. You have fallen for the same Democrat slime ball propaganda. This same group is under investigation for fraud. It couldn't be because Berkshire Hathaway, one of the largest donors to Democrats, is trying to take over the Texas energy market. https://www.bloomberg.com/news/articles/2023-04-12/warren-buffett-s-texas-power-push-sparks-a-berkshire-backlash https://www.bloomberg.com/news/articles/2023-04-12/warren-bu... https://energyandpolicy.org/utility-industry-contributions-political-organizations/ https://energyandpolicy.org/utility-industry-contributions-p... Every dime has gone to counties aligned with Democrats. Harris County received the award, and they have steered that money to TEPRI. Electricity is already incredibly inexpensive in Texas compared to other states, why flood Houston with solar panels? https://tepri.org/ https://tepri.org/ https://www.choosetexaspower.org/electricity-rates/houston/ https://www.choosetexaspower.org/electricity-rates/houston/ It couldn't be you want Texans to pay more is it? I mean they pay almost half what California pays. https://www.epa.gov/newsreleases/biden-harris-administration-announces-two-texas-groups-will-receive-over-405-million https://www.epa.gov/newsreleases/biden-harris-administration... https://www.aol.com/news/harris-county-selected-solar-grant-021627479.html https://www.aol.com/news/harris-county-selected-solar-grant-... https://www.houstonpublicmedia.org/articles/news/politics/2021/10/06/410194/the-harris-county-da-is-investigating-claims-that-houstons-mayor-steered-millions-to-a-preferred-developer-according-to-a-report/ https://www.houstonpublicmedia.org/articles/news/politics/20... You have no idea what you're talking about. NONE. Warren Buffett bought controlling interest in Occidental. This is power move by Democrats. This has nothing to do with any of what you stated. https://www.cnbc.com/2023/12/14/buffetts-berkshire-buys-more-occidental-in-endorsement-of-permian-basin-related-purchase.html https://www.cnbc.com/2023/12/14/buffetts-berkshire-buys-more...
cranky908canuck 2y ago
I'm really crypto-sceptic, but perhaps if cryptomining can be used as the next-best thing to massive resistors to stabilize solar/wind, maybe there's a use for it!