Senator pushes for Texas to become Bitcoin oasis
05 Dec 2022
U.S. Senator Ted Cruz is aiming to make the state of Texas an oasis for Bitcoin and other digital currencies.
Whilst attending the Texas Blockchain Summit 2022 at the end of last month, Senator Cruz stressed how the cryptocurrency industry could be strategic for technological development and the United States energy supply.
Cruz said Bitcoin mining could be utilised to monetise energy stemming from oil and gas extraction, highlighting that mining activity would be used as a supply alternative and energy storage, Cointelegraph reports.
He stated: "The beauty of it [Bitcoin mining] is when you've got substantial investment, as we do in Texas and Bitcoin mining, when you have an extreme weather event, either extreme heat, which is frequent in the state of Texas or extreme cold, which sometimes happens here, Bitcoin mining can be shut off in a fraction of a second. Making that electricity immediately available to the grid to heat or cool people's homes to keep businesses running. That is an enormous reservoir of excess capacity that, I think, is very beneficial."
The U.S. senator went on to say that Texas has plentiful and comparatively low-cost energy and supports free enterprise, thereby making it an attractive state for the country's cryptocurrency industry.
Cruz also talked about his own personal view of the world's largest cryptocurrency: "I like Bitcoin because the government can't control it." He added that he makes regular Bitcoin purchases each week: "I think Bitcoin means investment. It means opportunity. It means prosperity. It means financial independence. I also think the rise of Bitcoin mining in Texas has an enormous positive benefit for resiliency of the grid."
Texas is one of the United States fastest-growing crypto mining hubs. Earlier this year, the Comptroller's office emphasised the advantages of the state hosting miners. Unlike "manufacturing facilities or industrial chemical plants, which can be expected to be around for decades," crypto-mining facilities don't put long-term electrical demands on the grid.
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