Senator Cruz believes that within five years, Bitcoin mining will be usable to collect the unused renewable energy and the Texas power system.
In other words, Senator Ted Cruz of Texas argues that rather than flaring natural gas, the US should use it to mine Bitcoin.
Senator Ted Cruz stated at the Texas Blockchain Summit on Oct. 8 that Bitcoin mining maybe used to monetize energy generated by oil and gas production rather than burning it. Claiming that there is a “formidable opportunity for Bitcoin to capture that gas instead of squandering it”.
Cruz stated that half of the natural gas flared in the country is presently being burnt in West Texas, according to a copy of the lecture posted to social media by Coin Metrics creator Nic Carter. He said, “It’s being squandered because there is no transmission equipment to deliver that natural gas where it might be usable in the manner natural gas would normally be used”.
“Purchase Bitcoin using that power”. Part of the appeal is that by doing so, you are immediately helping the environment. By putting natural gas to productive use rather than flaring it.”
Cruz underlined Bitcoin mining’s ability to respond quickly to changes in energy supply. In the case of a major power loss or deficit, electricity maybe restored to the system almost instantly.
“With Bitcoin mining playing a big part in improving and hardening the grid’s resilience”, he continued, “I anticipate seeing a drastically different terrain in five years”.
The charm of Bitcoin mining is that you can utilise that energy if you have an internet connection
Bitcoin, according to Cruz, maybe used to gather unused energy all around the world. “There are many locations on Earth where the sun shines brightly and the wind blows strongly”, argues the speaker. However, there are no power lines in the area, therefore using that energy is not commercially viable”.
“The charm of Bitcoin mining is that you can utilise that energy if you have an internet connection”. And extract value from renewables in ways that would otherwise be unattainable”.
Cruz isn’t the only one who thinks Bitcoin mining may be a good way to harness renewable energy. El Salvador has announced plans for a government-backed Bitcoin mining facility that will use sustainable energy sources.
Following China’s ban on industrial Bitcoin mining businesses in May, Bitcoin mining has emerged as a major sector in Texas.
Texas attracted a lot of miners because of its inexpensive and plentiful renewable energy sources. Others, however, went to Kazakhstan, Norway, and Canada for low-cost green energy.