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Bitcoin Mining Energy Initiative Garners Support From New Hampshire Governor

2 mins
Updated by Kyle Baird
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In Brief

  • The New Hampshire Governor’s office published a report on cryptocurrencies.
  • In it, he recommends the Department of Energy examine Bitcoin mining for its potential benefits.
  • The governor has had positive takes on cryptocurrencies, with him looking to make New Hampshire a financial hub.
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The office of New Hampshire Governor Chris Sununu published a report on crypto and blockchain tech. Among other things, he recommends that the Department of Energy examine Bitcoin mining for its potential benefits.

The office of New Hampshire Governor Chris Sununu issued a press release on Jan. 19 related to cryptocurrencies. The governor discusses the benefits of blockchain technology and its potential impact on the economy. It predominantly favors the technology, though it has proposals on clarifying laws and supporting law enforcement to protect local investors.

The report has three major conclusions. The first is that blockchain technology potentially has many important applications in society and the economy. The second is that the legal and regulatory status of the technology is uncertain, which undermines innovation and economic development. Lastly, the New Hampshire government believes that the government should devote resources to making the region a hub for development.

One of the most significant recommendations is that the Department of Energy review “how Bitcoin mining operations might be integrated into a statewide energy plan.” This examines how it can result in a stable electricity grid, more sustainable generation projects, and lower consumer costs. He also asks for a review of the environmental effects of Bitcoin mining.

Regarding the need for policy and legal developments, the report reads,

“The Commission believes that this next phase of development…should be accompanied by improvements in the legal infrastructure… Such legal and policy improvements should ensure that persons participating in this new arena are accountable for their actions…they should also ensure that participants have clear notice and understanding of all legal rules that apply to their activities.”

It’s a sizable step forward for New Hampshire, which has already shown enthusiasm for cryptocurrencies. Governor Sununu has been at the center of those discussions.

New Hampshire Governor Sees Potential in Blockchain and Bitcoin Mining

Governor Sununu has made it clear that he thinks that blockchain tech and cryptocurrencies have benefits to offer. In fact, he established the Governor’s Commission on Cryptocurrencies and Digital Assets, indicating a strong desire to take action.

The commission examines the technology and its implementation while protecting investors and following regulations. Sununu seems keen on making New Hampshire a hub for financial innovation, and blockchain technology appears key.

Regulation is a hot topic in the government right now, and New Hampshire is leading the way. Of course, there may be more changes yet following the collapse of FTX.

NH Seeking to Attract New Businesses

Governor Sununu’s enthusiasm for crypto is matched with other lawmakers. In March 2022, a financial reform saw New Hampshire become the first to adopt a draft of the federal Universal Commercial Code, which has implications for cryptocurrencies.

The state government passed a bill related to the UCC. It makes it easier to buy and sell cryptocurrencies. These are the first steps that could make the state a hub for finance.

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Rahul Nambiampurath
Rahul Nambiampurath's cryptocurrency journey first began in 2014 when he stumbled upon Satoshi's Bitcoin whitepaper. With a bachelor's degree in Commerce and an MBA in Finance from Sikkim Manipal University, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has helped DeFi platforms like Balancer and Sidus Heroes — a web3 metaverse — as well as CEXs like Bitso (Mexico's biggest) and Overbit to reach new heights with his...