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Texas senator lauds Bitcoin mining as ‘a net plus for the environment’

Justinas
Baltrusaitis
1 month ago
2 mins read

Texas senator Ted Cruz has suggested that Bitcoin (BTC) mining is an added advantage to the environment, dispelling the perennial concerns about the asset’s energy consumption. 

Cruz stated that cryptocurrency mining is a ‘net plus’ for the environment, especially if miners focus on utilizing renewable energy sources, he said during an interview published by Vice News on August 20. 

Interestingly, Cruz suggested that Bitcoin mining leads to the prosperity of families involved in the activity as it breeds 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 said. 

Bitcoin’s ability to share the grid 

Cruz added that in the wake of Bitcoin mining criticism, the activity could co-exist with other forms of energy utilization 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,” he added. 

The lawmaker cited Texas as an ideal location for advancing Bitcoin mining. According to Cruz, in Texas, Bitcoin mining could play “a significant role in strengthening and hardening the resilience of the grid.” 

Cruz’s support for Bitcoin 

The senator who has expressed his support for Bitcoin maintains that he wants to make Texas anoasis on planet Earth for Bitcoin and cryptocurrencies.’

Notably, the Texas state government has put in place measures to support and attract Bitcoin miners by enacting a system that pays operators to shut down the activity in case of high power demand. 

As reported by Finbold, some miners are on record indicating that they profited heavily by suspending operations during the heatwave. 

Overall, the United States has emerged as the leading destination for crypto miners. Several states are luring miners by offering them renewable sources to help curb the asset’s carbon footprint. 

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Justinas Baltrusaitis
Author

Justin crafts insightful data-driven stories on finance, banking, and digital assets. His reports were cited by many influential outlets globally like Forbes, Financial Times, CNBC, Bloomberg, Business Insider, Nasdaq.com, Investing.com, Reuters, among others.

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