Senator Ted Cruz has begun operations in Iraan, Texas, after announcing the purchase of three Bitcoin miners.
Cruz has been an advocate for cryptocurrency for quite some time. He is an outspoken supporter of cryptocurrency legislation. As part of his operations setup in Iraan, Texas, he stated yesterday that he had purchased three Bitcoin miners.
“I’m pleased to join the ranks of Texas Bitcoin Miners,” he said on X, accompanied by a photo of the mining equipment. Fred Thiel, CEO of Marathon Digital, welcomed Cruz to the Bitcoin mining community and lauded his move, highlighting Cruz’s role in enhancing network security.
However, Texas has completely legalized Bitcoin mining, unlike many other US states. Bitcoin mining is a natural fit for this state because of its business-friendly regulations and cheap energy supplies. The state of Texas has a multitude of renewable energy sources, including wind, solar, and natural gas, as well as a favorable climate for mining activities that may be both economic and environmentally friendly.
Iraan and other smaller towns have seen a surge in Bitcoin mining popularity as a result, spreading economic activity away from large cities. The state’s economy stands to benefit from the anticipated expansion of mining activities, which will lead to the creation of employment, an increase in investments in energy infrastructure, and public services and development projects funded by tax revenue.
According to Cruz’s most recent financial report, he purchased Bitcoin while its value was falling. When the price of Bitcoin was at $37,000 on January 25, much below its all-time high of $69,000 in November, he bought a quantity ranging from $15,000 to $50,000. For the deal, Cruz went with River Financial.
Given the current trading price of $67,445 and the assumption that he has not sold his stocks and suffered short-term capital gains, his investment has potentially risen between $7,000 and $15,000. Because of his consistent support for cryptocurrency—and Bitcoin mining in particular—in the US Senate, Cruz has long been a revered figure in the crypto world.
The Senate’s infrastructure package sought to generate around $28 billion in additional tax revenue over a decade, and he was against a cryptocurrency tax proposal in that measure in 2021. On Capitol Hill in Washington, D.C., Cruz also presented a resolution authorizing businesses to accept crypto as payment.
Cryptocurrency has gained support from other lawmakers, not just Cruz. Cryptocurrency is gaining political traction, and some senators have come clean about their investments. Another well-known crypto enthusiast, Pennsylvania Senator Pat Toomey, has come clean about his holdings in Grayscale’s Bitcoin ETF.
Another prominent Bitcoin investor is Senator Cynthia Lummis of Wyoming. She became the most heavily invested US politician after buying the asset, which was valued around $250,000.
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