TED Cruz Thinks Texas Energy Is a Great Opportunity For Bitcoin

Texas Senator Ted Cruz considers the energy of Texas and its affordable cost to be a great opportunity for Bitcoin, as he further explained during the Blockchain Summit last week, so read more on the news.

Senator Cruz believes the state can harness the abundant energy resources while Bitcoin continues to face environmental problems. Ted Cruz suggested that abundant energy is a great opportunity for Bitcoin, as he told Jimmy Song at the end of last week’s summit:

“50 percent of the natural gas in this booming country is being flared during the Permian in west Texas. I think this is a huge opportunity for Bitcoin because it is energy that is being wasted. “

The Permian Basin is an oil-rich region in the southwestern United States, and parts of it are in New Mexico and Texas. Cruz continued:

“Much of the discussion about Bitcoin sees Bitcoin as an energy consumer. The point I am proposing is the exact opposite, it is a way of improving our energy infrastructure. “

It is not surprising that much of the discussion surrounding BTC has centered on the energy consumption of the cryptocurrency, as we have seen in the past few days that the largest cryptocurrency by market cap uses a lot of energy than most countries in the world. Cruz believes Texas could reach a point where it is using BTC to offset the enormous amount of energy the state is currently wasting. The fact that BTC consumes more than 100 terawatt hours of electricity each year means that if BTC were a country, it would be in the top 30 in the world in terms of energy consumption.

Whether this consumption is harmful to the environment depends on the proportion of energy that comes from non-renewable energy sources such as natural gas and coal. A group of BTC miners released a report claiming that over 50% of BTC mining is from renewable energy sources, but the report’s findings have been questioned. On the flip side, the University of Cambridge suggests that only 39% of the BTC network is powered by renewable energy, which means that when you calculate the energy used by non-renewable resources, BTC emits billions of pounds of gas and burns it. Money.

According to a study by Digiconomist founder Alex de Vries, the dependence of BTC on short-lived BTC miners only contributes to the high volume of electronic waste.

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