Texas should use Bitcoin mining to capture wasted natural gas: Senator Ted Cruz

U.S. Senator Ted Cruz believes that the United States should use natural gas to mine Bitcoin, not burn it.

Senator Cruz speaks at the Texas Blockchain Summit on October 8 assertion Bitcoin mining can be used to monetize energy generated through oil and gas extraction rather than combustion, believing that “Bitcoin has a huge opportunity” […] Capture the gas instead of wasting it. “

According to the transcription of the conversation shared Cruz pointed out on the social media of Coin Metrics founder Nic Carter that half of the country’s natural gas burning is currently burning in West Texas. “It is wasted because there is no transmission equipment to obtain natural gas, and it can be used like natural gas is normally used,” he added.

“Use this power to mine Bitcoin. Part of the benefit of doing this is that the moment you do this, you greatly help the environment because you put natural gas into production instead of burning natural gas.”

Cruz emphasized that the ability of Bitcoin mining can be reflexively mobilized according to fluctuations in energy supply, and said that in the event of a sudden power outage or shortage, energy can be returned to the grid immediately.

He added: “I hope to see a very different field within five years, where Bitcoin mining plays an important role in strengthening and strengthening the resilience of the power grid.”

Cruz pointed out that Bitcoin can be used to capture the world’s unused energy, and argued: “There are many places on the earth that are sunny and windy, but there are no power lines. This is not economically cost-effective. It is feasible to use this energy. of.”

“The beauty of Bitcoin mining is that if you can connect to the Internet, you can use this energy and derive value from these renewable energy sources in a way that is impossible otherwise.”

Cruz is not the only one who believes that Bitcoin mining can provide an effective means to obtain renewable energy. El Salvador recently announced a state-backed plan. Bitcoin mining project driven by renewable energy.

related: Bitcoin’s power consumption this year has surpassed all of 2020

Following May in China, Bitcoin mining has become a key industry in Texas Cracking down on industrial Bitcoin mining companies.

Many miners Turn to Texas Because it’s cheap and Abundant renewable energy, While others are looking to Kazakhstan, Norway and Canada for cheap green electricity.