Bitcoin is hot! However, same is not true for Crypto stocks
Equity investors have yet to pile back into crypto-related stocks with the same conviction as Bitcoin traders. Since hitting a six-month low in late January, Bitcoin prices have surged more than 30% including a 14% jump in March.
Meanwhile, the NYSE FactSet Global Blockchain Technologies Index -- which tracks 35 stocks with exposure to cryptocurrencies including Riot Blockchain Inc. and Galaxy Digital Holdings Ltd. -- remains 13% lower for 2022.
(Bloomberg) Texas crypto miners have long touted an intriguing solution to the problem of stranded gas -- the accidental byproduct of oil drilling that’s usually burned off at the wellhead.
They propose tapping into that unused energy by hooking up generators that would convert the gas into electricity for the vast computer arrays they use to create new Bitcoin. A few entrepreneurs have already started doing it, moving trailers outfitted with mining rigs into remote corners of the Texas oil patch.
Now, the industry is lobbying state lawmakers to introduce legislation that would eliminate taxes on sales of the so-called stranded gas. They say it will reduce costs and lure more miners to the Lone Star State who can use powerful computers to solve cryptographic puzzles and be rewarded with Bitcoin.
The Texas Blockchain Council, the crypto industry’s lobbying arm, wrote a draft bill that it hopes will be introduced during the legislative session that starts in January, said the council’s president, Lee Bratcher. The text is a copycat of a Wyoming measure signed into law a year ago.
It’s the latest attempt by the cryptocurrency industry to shape policy and make Texas more attractive to miners. Texas lawmakers, with support from Governor Greg Abbott, have already taken some of the most
Read more on tech.hindustantimes.com
