Bullish on Bitcoin, US Senator Ted Cruz wants Texas to be a crypto oasis

United States Senator Ted Cruz needs to make the American state of Texas an oasis for Bitcoin (BTC) and different cryptocurrencies. Talking on the Texas Blockchain Summit 2022 in late November, the politician empathized how the crypto trade may be strategic for the U.S. power provide and technological improvement. 

Cruz argued that Bitcoin mining may very well be used to monetize power created by oil and gasoline extraction, emphasizing that mining exercise can be utilized as an power storage and provide different:

“The fantastic thing about it [Bitcoin mining] is if you’ve received substantial funding, as we do in Texas and Bitcoin mining, when you have got an excessive climate occasion, both excessive warmth, which is frequent within the state of Texas or excessive chilly, which typically occurs right here, Bitcoin mining may be shut off in a fraction of a second. Making that electrical energy instantly obtainable to the grid to warmth or cool folks’s houses, to maintain companies operating. That is a gigantic reservoir of extra capability that, I feel, could be very useful.”

The senator highlighted that Texas has plentiful and comparatively low-cost power and embraces free enterprise, making the Lone Star State a sexy place for the U.S. crypto trade. Cruz additionally defined why he describes himself as an enthusiastic fan of Bitcoin:

“I like Bitcoin as a result of the federal government can’t management it.”

The Republican lawmaker additionally mentioned he makes weekly purchases of Bitcoin, the one cryptocurrency in his portfolio. He famous:

“I feel Bitcoin means funding. It means alternative. It means prosperity. It means monetary independence. I additionally assume the rise of bitcoin mining in Texas has an infinite optimistic profit for resiliency of the grid.”

Texas is without doubt one of the fastest-growing crypto mining hubs in the USA. In August, its Comptroller’s office struck a pro-crypto stance, highlighting the advantages of the state internet hosting miners.

The Comptroller’s workplace wrote that in contrast to “manufacturing services or industrial chemical vegetation, which may be anticipated to be round for many years,” cryptocurrency mining services don’t place long-term electrical calls for on the grid.

Cointelegraph’s staff was on the bottom on the Texas Blockchain Summit. Learn about the event by reading our recap.