Ted Cruz, a US Senator, is bullish on Bitcoin and wants Texas to become a crypto oasis
According to the lawmaker, Texas has a combination of low-energy prices and free enterprise. News Own this piece in crypto history. Collect this article as the NFTUnited states Senator Ted Cruz hopes to make Texas an oasis for Bitcoin (BTC), and other cryptocurrencies. The politician spoke at the Texas Blockchain Summit 2022 in November. He stressed the importance of the crypto industry for U.S. energy supply, technological development, and security. Cruz suggested that Bitcoin mining could be used for monetizing energy from oil and gas extraction rather than burning it. He also stressed how mining activity can be used to store and supply energy. “The beauty of it [Bitcoin Mining] is that when you have substantial investment, such as in Texas, Bitcoin mining, Bitcoin mining can be shut down in a fractions of a second when there is an extreme weather event. This can be either extreme heat or extreme cold. To make electricity available immediately to the grid to heat and cool homes and businesses, This is a huge reservoir of excess capacity, which I believe is very beneficial. “The Senator pointed out that Texas has a combination of abundant and relatively low-cost electricity, as well as the willingness to embrace free enterprise. This makes Texas an attractive state for the development of crypto industry in the US. Cruz also revealed the reason he describes himself as a passionate Bitcoin fan: “I like Bitcoin because it’s not controlled by the government. “The republican lawmaker admitted that he bought Bitcoin weekly, the only cryptocurrency in a portfolio. He also stated that he believes Bitcoin is investment. It is a means of opportunity. It is the key to prosperity. It is financial independence. I believe that the growth of bitcoin mining in Texas has a tremendous positive impact on the grid’s resilience. “Texas is one the fastest growing crypto mining centers in the United States. August saw the state’s Comptroller’s Office announce its pro-crypto stance. They intend to host long-term miners in a newsletter. The fiscal note clarified the common misconception about Bitcoin’s energy consumption. It stated that, unlike “manufacturing plants or industrial chemical plant, which can be expected over decades,” cryptocurrency mining facilities don’t place large electrical demands on the grid. Read our recap to learn more about the event.