Ted Cruz says Texas can leverage wasted energy for Bitcoin

Senator Ted Cruz is confident that Texas’ energy resources can serve as the basis of Bitcoin (BTC) revolution for the Lone Star State.

In fact, the senator is confident that Texas can be a hub for mining BTC using renewables or cheap energy options.

Speaking to Jimmy Song at the Texas Blockchain Summit last Friday, Cruz said he was confident that BTC can use flared natural gas to derive dividends in the long-term, with the senator focusing on the Permian Basin, an oil and gas-rich region in the US that sprawls across Texas and New Mexico.

Cruz believes that this solution could de facto clear up some of the animosity towards BTC, which has been criticized for its energy-hungry needs.

However, in this case, the senator is confident that Texas is already wasting a lot of energy because of not being able to harness it properly.

This could be easily offset by tapping into that energy and directing it to offset existing BTC operations or mine fresh BTC. Meanwhile, there has been strong evidence that BTC is going green(er).

A survey showed that 50% of all BTC miners use renewables, which is understandable since miners also want to save money. However, the study’s methodology was questioned. Cambridge University, for example, argues that closer to 39% is actually coming from renewables.

Regardless, BTC is having an impact on the environment. On the other hand, the currency has driven more companies to scramble for renewable and alternative energy solutions.

A recent ban in China that sent the crypto market reeling a few weeks ago has actually been necessitated by the country’s own power shortages, in part caused by the extensive mining operations that were taking place there.

Senator Cruz has a point that wasted energy would be better spent on BTC operations, but for this to happen it would need an action plan and legislative support. Both seem like tall orders for Cruz who has built a reputation for bashing renewable sources of energy.

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Source

Updated: 10/12/2021 — 23:00