Although the collapse of Genesis Trading has caused a new (but predictable) shock in the encryption market, two states in the United States have adopted key processes to cultivate Bitcoin. After Texas released a report, New Hampshire is now on the verge of taking "orange pills"

Chris Sununu, the mayor of New Hampshire, issued the final report of the "Digital Currency and Digital Assets Federation" set up in February 2022 according to the administrative regulations yesterday, suggesting that the New Hampshire Energy Department scientifically study how Bitcoin mining can help stabilize the grid and build more sustainable power generation projects.

In addition, the report also proposes to discuss how to include Bitcoin mining in the statewide energy plan. For the reason of this proposal, the Federation believes that the uniqueness and terminability of Bitcoin mining power demand can provide stable economic benefits for the grid and even encourage the development of new energy, including renewable resources.

The Federation recommended that the mayor and the legislature specifically guide NH's energy department to conduct publicity and verification on how to include the Bitcoin mining business process in the state and county energy plans, and have a positive impact on the power supply system [...].

For example, unlike hospitals, when other requirements in the power grid are very high, Bitcoin digging can more easily open and close its requirements. This kind of stable power grid capacity has been used by Texas for some time.

The most recent one was during the hurricane period of the Arctic Circle in the Christmas period, the BTC mining in Texas turned off the power project again to maintain the operation of the power grid. Not long ago, Brad Bobby, the former head of Texas energy network, appealed to people to pay attention to this fact at the Texas blockchain summit.

For many years, I have been looking for scale load that can better respond to market demand and help balance our own power grid. [...] But it's all here now. [...] When the price rises gradually, Bitcoin has the characteristic of falling. We can give this power to customers

Texas is "Bitcoin China"

It is noteworthy that a few weeks after the release of the New Hampshire report, a report called "Texas Blockchain Technology Problem Research Group" was released, which is aimed at a member of the Texas legislature. The research team suggested that Bitcoin should be a permitted investment project in Texas.

The report also calls for tax incentives for BTC mining nationwide according to its own control and maintenance, so as to stabilize the power grid, and carry out Bitcoin cultural education in schools and universities. In addition, the report also needs to respond to laws and regulations on the operation of lightning nodes. This connection point is not easy to turn individuals and organizations into currency service companies.

In that case, will two foreign states choose BTC? Now, this may be a daydream. But at least in Texas, Dan Held, the pioneer, called "Bitcoin China", has a proposal to make it possible according to laws and regulations.

In addition, these two reports only suggest that more scientific research on BTC is necessary at this stage. However, if New Hampshire and Texas decide to follow this suggestion, they may choose Bitcoin first abroad.

As of the time of press release, the BTC price was $20982. Although Genesis Trading declared bankruptcy, it was still relatively stable less than the important resistance zone of $21500.

Featured pictures of Samuel Branch/Unsplash, data charts of TradeView.com