In a major move signaling a pro-crypto and Bitcoin mining stance, Governor Chris Sununu of New Hampshire has released the final report and recommendations of the Governor’s Commission on Cryptocurrencies and Digital Assets.
The report, which the Commission unanimously approved at their December 2022 meeting, recommends convening a public process within the New Hampshire Department of Energy to clarify rules promoting partnerships between electricity generation projects and bitcoin mining businesses within the state.
This bold move by Governor Sununu and the Commission indicates a recognition of the growing importance of cryptocurrencies and digital assets in today’s economy and a willingness to support and encourage the development of this burgeoning industry in New Hampshire.
The report, which was developed by a group of experts in the field of crypto and digital assets, delves into the various legal, regulatory, and economic issues related to crypto mining and provides a comprehensive set of recommendations for how the state can foster a friendly environment for crypto businesses to thrive.
Governor Chris Sununu said:
This report is comprehensive and timely, providing specific recommendations that would establish New Hampshire as a leading jurisdiction for the development of sound and effective applications of blockchain technologies, including proposals to clarify current laws.
Bitcoin Mining Could Offer Benefits To Electricity Grids
The report has highlighted the energy-intensive nature of bitcoin mining and the potential negative impact it may have on the climate and environment when powered by fossil fuels.
However, experts who presented to the Commission on the matter suggested that the highly interruptible nature of bitcoin mining’s electricity demand may actually offer benefits to electrical grids and even encourage the development of new energy resources such as renewables.
The Commission has recommended that the state’s Department of Energy conduct a public review to explore how bitcoin mining operations can be integrated into the statewide energy plan with positive impacts for the electricity system, such as a more stable grid, more sustainable projects, and lower costs for consumers.
This review will include an examination of how New Hampshire laws might enable “inside-the-fence” arrangements to support the development of renewable energy projects within the state.
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