Connect with us

Bitcoin

Senator Cruz believes Bitcoin mining in Texas can be used to capture wasted renewable energy

Published

 

on

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.

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 โ€œIt’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 usedโ€.

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.


Tabassum is an enthusiastic author, web geek, writer & digital marketer, with experience writing for tech, digital and cryptocurrency blogs.



Recent Press Release



Ledger Nano X - The secure hardware wallet