Senator Cruz believes Bitcoin mining in Texas can be used to capture wasted renewable energy
President Nayib Bukele of El Salvador shared a video showing the country’s Bitcoin mining operation, which is powered by volcanic geothermal energy. The president allegedly demonstrated the first steps toward constructing a geothermal Bitcoin mining facility.
— Nayib Bukele 🇸🇻 (@nayibbukele) September 28, 2021
Senator Ted Cruz of the United States believes that instead of flaring natural gas, the US should use it to mine Bitcoin. Senator Ted Cruz said on Oct. 8 at the Texas Blockchain Summit that Bitcoin mining may be used to monetize energy created by oil and gas production rather than burning it, stating that there is a big potential for Bitcoin to gather that gas rather than wasting it.
Cruz stressed the ability of Bitcoin mining to be activated automatically in reaction to variable energy supplies, claiming that electricity could be restored to the grid immediately in the event of a power outage. He added that I expect to see a drastically different landscape in five years, with Bitcoin mining playing a key part in enhancing and hardening the grid’s resiliency.
He stated that Bitcoin can be used to capture unused energy all over the world, claiming that there are many areas on Earth where the sun shines brightly, and the wind blows strongly but there are no power connections, and it is not economically practical to use that energy.
Furthermore, Cruz said that half of the natural gas flared in the country is presently being burned in West Texas, according to a recording of the event published on social media by Coin Metrics CEO Nic Carter. He continued “It’s being wasted because there is no transmission equipment to send that natural gas where it could be used in the way natural gas is generally used”.
Transcribed Sen. Ted Cruz' comments on Bitcoin and energy from the Texas Blockchain Summit this week. My jaw dropped while listening – he has the most enlightened perspective on the issue I've ever come across from a policymaker pic.twitter.com/iu90oukr2w
— nic carter (@nic__carter) October 10, 2021
Following China’s ban on industrial Bitcoin mining operations in May, Bitcoin mining has become a crucial sector for the state of Texas. Many miners moved to Texas for cheap and abundant renewable energy, while others looked to Kazakhstan, Norway, and Canada for low-cost green energy.
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