United States Senator Ted Cruz Wants to Make the US State of Texas an Oasis for Bitcoin
And other cryptocurrencies. Speaking at the Texas Blockchain Summit 2022 in late November, the politician expressed sympathy for how the crypto industry could be strategic to US energy supply and technological development.
Cruz argued that Bitcoin mining could be used to monetize the energy created by oil and gas extraction, emphasizing that mining activity could be used as an energy storage and supply option:
“The beauty of it [bitcoin mining] is when you have a lot of investment, like we do in Texas and bitcoin mining, when you have a lot of weather events, either a lot of heat, which Texas The state often has or is extremely cold. , which sometimes happens here, Bitcoin mining can be shut down in a fraction of a second. To heat or cool people’s homes, businesses operate. Making electricity immediately available to the grid for storage. That’s a huge reservoir of excess capacity, which, I think, is very beneficial.”
The senator highlighted that Texas has abundant and relatively low-cost energy and embraces free enterprise, making the Lone Star State an attractive location for the US crypto industry. Cruz also explained why he describes himself as an ardent fan of Bitcoin:
“I like Bitcoin because the government can’t control it.”
The Republican lawmaker also said he makes weekly purchases of bitcoin, the only cryptocurrency in his portfolio. He noted:
“I think bitcoin means investment. It means opportunity. It means prosperity. It means financial freedom. I also think the rise of bitcoin mining in Texas has a huge positive benefit for grid resiliency. .”
Texas is one of the fastest growing crypto mining hubs in the United States. In August, its comptroller’s office struck a pro-crypto stance, highlighting the benefits of the state hosting miners.
The comptroller’s office wrote that “unlike manufacturing facilities or industrial chemical plants, which can be expected to last for decades,” cryptocurrency mining facilities do not place long-term electricity demands on the grid.
The Cointelegraph team was on the ground at the Texas Blockchain Summit. Catch up on the event by reading our recap.