Senator from Texas praises Bitcoin mining as ‘environmentally positive’
Senator Ted Cruz of Texas has said that Bitcoin (BTC) mining is an extra benefit for the environment, putting to rest the enduring worries over the asset’s energy use.
Cruz claimed in an interview broadcast by Vice News on August 20 that Bitcoin mining is a “net gain” for the environment, particularly if miners concentrate on using sustainable energy sources.
Intriguingly, Cruz stated that Bitcoin mining results in the success of families engaged in the industry since it fosters the development of entrepreneurs.
“Cryptocurrency is an environmental net benefit. It is crucial for the environment to be able to unleash a large number of renewables. Putting stranded natural gas to good use is a significant plus. “Bitcoin is also a room full of entrepreneurs and individuals who are providing for their families, and this prosperity has a net good impact on the environment,” Cruz remarked.
Cruz stated that Bitcoin mining might coexist with other kinds of energy use by sharing the grid in response to criticism.
“Because Bitcoin mining can switch on or off instantly, if there is a power shortage or a power crisis, such as a freeze or other natural calamity when power generating capacity goes down, this provides the capability to instantly move that energy back into the grid,” he said.
The congressman mentioned Texas as a prime site for Bitcoin mining development. According to Cruz, Bitcoin mining in Texas might “play a key part in enhancing and fortifying the grid’s resiliency.”
Cruz’s endorsement of Bitcoin
The senator who has shown support for Bitcoin asserts that he intends to make Texas an “oasis on Earth for Bitcoin and cryptocurrencies.”
Notably, the Texas state government has implemented efforts to promote and attract Bitcoin miners by instituting a scheme that compensates operators for shutting down the activity during periods of heavy power consumption.
As reported by Finbold, several miners have said that they made a substantial profit by pausing operations during the heatwave.
The United States has become the #1 location for cryptocurrency miners. Several jurisdictions are enticing miners by providing them with renewable energy sources to reduce the carbon footprint of the asset.