U . s . States Senator Ted Cruz wants to help make the American condition of Texas an oasis for Bitcoin (BTC) and cryptocurrencies. Speaking in the Texas Blockchain Summit 2022 at the end of November, the politician empathized the way the crypto industry could be proper for that U.S. energy supply and technological development.
Cruz contended that Bitcoin mining could be employed to monetize energy produced from gas and oil extraction, instead of burning it. Additionally, he emphasized how mining activity can be used a power storage and offer alternative:
“The good thing about it [Bitcoin mining] is when you have substantial investment, once we do in Texas and Bitcoin mining, if you have a serious weather event, either cause problems, that is frequent within the condition of Texas or extreme cold, which can occur here, Bitcoin mining could be turn off in a part of a second. Making that electricity immediately open to the grid to heat or awesome people’s homes, to help keep companies running. That’s a massive reservoir of excess capacity that, I believe, is extremely advantageous.”
The Senator highlighted that Texas combines abundant and comparatively low-cost energy, in addition to embracing free enterprise, making Texas a beautiful condition for crypto industry development in america. Cruz also unveiled exactly why he described themself being an passionate fan of Bitcoin:
“I love Bitcoin since the government can’t manage it.”
The republican lawmaker accepted to buying Bitcoin weekly, the only real cryptocurrency in the portfolio. Also, he noted:
“I believe Bitcoin means investment. This means chance. This means success. This means financial independence. I additionally think an upswing of bitcoin mining in Texas comes with an enormous positive benefit for resiliency from the grid.”
Texas is among the fastest growing crypto mining hubs within the U . s . States. In August, its Comptroller’s office revealed the state’s pro-crypto stance, planning to host lengthy-term miners and operators inside a e-newsletter.
Clarifying the overall misconception about Bitcoin’s energy usage, the fiscal note highlighted that unlike “manufacturing facilities or industrial chemical plants, which may be expected to be with for many years,” cryptocurrency mining facilities don’t place big electrical demands around the grid.
Cointelegraph’s team was on the floor in the Texas Blockchain Summit. Find out about the event studying our recap.