Senator Cruz has foreseen that in a span of five years, Bitcoin (BTC) mining will be utilized to absorb the Texas power grid as well as unused renewable energy.
The United States of America can find better use of flared natural gas in allocating it to mine Bitcoin (BTC) is what Senator Ted Cruz believes.
Senator Cruz had an opportunity to elaborate on his idea while speaking at the October 8 Texas Blockchain Summit. The Senator argued that the extraction of oil and gas can be commercialized for Bitcoin (BTC) mining, as an alternative to squandering it, thus supporting the vast opportunity emerging from Bitcoin (BTC) facilitating the capture of the natural resource instead of merely having it go to waste.
The Senator pointed out that West Texas accounts for 50% of the national supply of natural gas is burned, due to the scarce infrastructure of transmitting the gas to where it could be utilized normally, per the shared transcription of the talk between Nic Carter, founder of Coin Metrix and Senator Cruz himself.
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
The Senator stated the following: “use that power to mine Bitcoin. Part of the beauty of that is the instant you’re doing it you’re helping the environment enormously because rather than flaring the natural gas you’re putting it to productive use.”
Because Bitcoin (BTC) has the uncanny ability to adapt to changes in the supply of energy, Senator Cruz stressed that the immediate return of energy in case of an unanticipated electricity shortage can be easily done. Thus, it is because of this adaptability that in a span of five years the Senator expects the grid to be that much stronger and resilient than before.
Senator Cruz went insofar as to suggest harnessing global energy that stems from places where there is potential for solar panels and wind turbines which otherwise are not feasible for use, economically speaking.
Senator Cruz points out that the advantage of Bitcoin (BTC) is “you can use that energy and derive value from those renewables in a way that would be impossible otherwise.”
It is worth noting that this may very well be the newest alternative to mining Bitcoin (BTC) as El Salvador has also announced that Bitcoin (BTC) mining through renewables will be a major project backed by the state.
Since the China crackdown earlier this year, Texas has become a beacon of sufficient energy resources for miners to relocate their operations, while others have sought refuge in countries such as Canada, Norway, and Kazakhstan among others.
Also read: Google and Bakkt Partnership to Make Crypto Accessible to Millions of Consumers