Texas Senator Backs Bitcoin Mining

Texas Senator Ted Cruz has stated that Bitcoin (BTC) mining provides an environmental benefit, addressing long-held reservations about the asset’s energy use.

Cruz indicated that Bitcoin mining is a “net plus” for the environment, particularly if miners focus on using renewable energy sources, in an interview published on August 20 by Vice News.

Cruz, interestingly, proposed that Bitcoin mining leads to the affluence of families participating in the industry through breeding entrepreneurs.

“Cryptocurrency is a net plus for the environment. Being able to unlock a lot of renewables is important for the environment. Taking stranded natural gas and putting it to productive use is a big positive… Bitcoin also is a room full of entrepreneurs, full of people that are providing for their families, and that prosperity is a net positive for the environment as well.”

Cruz noted that, in light of the criticism leveled at Bitcoin mining, the activity might coexist with other types of energy use by sharing the grid.

“Because of the ability to Bitcoin mining to turn on or off instantaneously, if you have a moment where you have a power shortage or a power crisis, whether it’s a freeze or some other natural disaster where power generation capacity goes down, that creates the capacity to instantaneously shift that energy to put it back on the grid.”

Texas, according to the congressman, is a great place for improving Bitcoin mining. According to Cruz, Bitcoin mining in Texas might “play a big role in enhancing and hardening the grid’s resiliency.”

The lawmaker who has shown support for Bitcoin says he wants Texas to be an “oasis on the planet for Bitcoin and cryptocurrencies.”

Notably, the Texas state government has put steps in place to promote and attract Bitcoin miners, including implementing a mechanism that compensates operators for shutting down the activity in the event of heavy power demand.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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