The Legislature’s inaction will continue this exploitation of everyday Texans.”Ĭrypto miners can receive an estimated $170 million from the state per year for simply enrolling in the demand response program, which pays the miners more when ERCOT, which manages the state’s electric grid, asks them to shut down to reduce strain on the grid. The needs of an industry that produces no real product and puts an added strain on the state’s electric grid must come second to Texas’ energy needs and its taxpayers.
The money the state is paying miners could instead be used to invest in energy efficiency programs that stabilize the grid and bring energy bills down. “The crypto industry has taken advantage of Texas and has been rewarded with millions of dollars while wasting vast amounts of electricity that Texans need. Adrian Shelley, Texas director of Public Citizen, issued the following statement: It is considered dead for the current legislative session, which will conclude on May 29. Lois Kolkhorst missed a Saturday night deadline to advance from its House committee. Senate Bill 1751 by Republican state Sen. Have a wonderful weekend everyone but, as you enjoy it, please give a thought to the little things that you can contribute which may cost you nothing and may add nothing to your financial wealth but which could enrich the lives of others immeasurably.AUSTIN, Texas – A bill that would have limited the crypto mining industry’s participation in the state’s demand response program and certain tax giveaways has failed as the Texas Legislature nears the end of its regular session. If a fraction of the money that we spend each year making rules to fix rules was spent on finding ways of making our economy fairer, if we worked out a way of rewarding positive social contribution in the same way we reward commercial success and, if we could shift some of the mental energy of the rule-breakers towards more constructive and life-affirming projects, then we just might start to experience the kind of society that we can all celebrate. A well organised and efficient economy should be good for everyone and that includes those who don’t wish to or those who, due to misfortune that any of us could suffer, are unable to contribute to in financial terms. Now, before everyone gets the completely wrong impression and thinks that I’ve become some sort of anarchist, I’m pleased to confirm that I haven’t. If our economy were a living, breathing, sentient thing, it would be struggling to lift itself off the floor for the weight of sticking plasters piled one atop the other, each representing another rule or regulation made to sort out the ineffectuality of the one before. None of this adds to our knowledge, none of it contributes to our well-being and none of it truly makes the World a better place for our children and future generations. We have reached a point where making, applying, monitoring and regulating the rules is such a big industry in its own right that our so-called economy would collapse without the finances that it churns.Īnd, if we have rules, we also have people whose job it is to navigate, bend, twist, subvert and ultimately break them in the name of commerce and so, we create more rules in a spiralling miasma of bureaucracy. We choose to order our dealings with each other by making complex rules, we train thousands of people to explain, apply, monitor, regulate and then create more rules. What’s gone wrong is that we have allowed ourselves to subjugate humanity to a catalogue of “man” made rules and regulations for the sake of commercial gain. We talk about things going wrong but forget that commerce is a human creation. We’ve learnt nothing we didn’t already know about how the supposedly developed nations do business. It is important to enervate discussion but it is a pity when the language and not the subject matter takes centre-stage.įundamentally, nothing has been debated this week in a manner that changes anything.
There has been plenty to debate in this week’s news and even the economic pundits are taking some of the heat for using inappropriate language to describe the state of the UK economy. Why, when the basic philosophy behind the Western World economy is growth, should we be surprised when it’s amorphous twin “Greed” turns up at the party? So, a Parliamentary Committee has made the astonishing proclamation that one of the root causes of Carillon’s failure was greed.
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