US Senator Ted Cruz wants to make the US state of Texas an oasis for Bitcoin (BTC) and cryptocurrencies. Speaking at the Texas Blockchain Summit 2022 in late November, the politician emphasized how the crypto industry can be strategic to US energy supply and technological development.
Cruz argued that bitcoin mining it could be used to monetize the energy created from oil and gas extraction, rather than burning it. Furthermore, he emphasized how mining activity can be used as an energy supply and storage alternative:
"The beauty of it [Bitcoin mining] it's when you have a substantial investment, like we do in Texas and Bitcoin mining, when you have an extreme weather event, either extreme heat, which is prevalent in the state of Texas, or extreme cold, which sometimes happens here, mining of Bitcoin can be turned off in a fraction of a second. Making electricity immediately available to the grid to heat or cool people's homes, to keep businesses running. That's a huge reserve of excess capacity that I think is very beneficial."
The Senator highlighted that Texas combines abundant and relatively low-cost energy, as well as embracing free enterprise, which makes Texas an attractive state for the development of the crypto industry in the US. Cruz also revealed the reason why described himself as an enthusiastic fan of Bitcoin:
"I like Bitcoin because the government can't control it."
The Republican lawmaker admitted to buying Bitcoin on a weekly basis, the only cryptocurrency in his portfolio. He also noted:
"I think bitcoin means investment. It means opportunity. It means prosperity. It means financial independence. I also think the bitcoin mining boom in Texas has a huge positive benefit for network resilience."
Texas is one of the fastest growing crypto mining hubs in the United States. In August, his The Comptroller's office revealed the state's pro-crypto stancewith the intention of housing miners and operators for the long term in a newsletter.
Clearing up the general misconception about Bitcoin's energy use, the tax memo highlighted that unlike "manufacturing facilities or industrial chemical plants, which are expected to last for decades," cryptocurrency mining facilities do not impose large electrical demands on the grid.
The Cointelegraph team was on the ground at the Texas Blockchain Summit. Learn about the event by reading our summary.
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