Ted Cruz wants Texas to create a crypto oasis
According to the congressman, Texas combines abundant energy at relatively inexpensive rates with free entrepreneurship.
Cruz stated that Bitcoin mining may be utilised to commercialise energy derived from oil and gas production, highlighting that mining activity can be used as an alternate energy storage and supply method.
“The great thing about Bitcoin mining is that it can be turned off in a fraction of a second in the case of severe weather, such as the kind of heat or cold that often strikes the state of Texas. Making that power readily accessible to the grid in order to heat or cool households and maintain commercial operations. This tremendous store of extra capacity is, in my opinion, quite advantageous.”
The senator emphasized that plentiful, relatively inexpensive energy and a commitment to free capitalism make Texas an appealing location for the U.S. crypto economy. Cruz also stated why he considers himself a fervent Bitcoin supporter.
“I believe Bitcoin signifies investment. It signifies possibility. It denotes wealth. It signifies financial autonomy. I also believe that the growth of bitcoin mining in Texas has a very favorable effect on the grid’s resilience.”
Texas is one of the most rapidly expanding cryptocurrency mining centres in the United States. In August, the office of the State Comptroller took a pro-crypto position, underlining the advantages of the state hosting cryptocurrency miners.
Unlike “manufacturing facilities or industrial chemical plants, which are intended to be present for decades,” bitcoin mining operations do not create long-term electricity demands on the grid, according to the Comptroller’s office.