U.S. Senator Ted Cruz Aims Texas To Become A Crypto Oasis

United States Senator Ted Cruz wants to make his home state of Texas an oasis for Bitcoin and other crypto-assets. During the Blockchain summit, Cruz highlighted how the crypto industry could be strategic for America’s energy supply and technology development. The Texas Blockchain Council hosted the 2022 summit in Austin, TX, from November 17 to 18.

Ted Cruz said that Bitcoin mining could be used to monetize the energy created from gas and oil extraction rather than burning it. He added:

“The beauty of it [Bitcoin mining] is when you’ve got substantial investment, as we do in Texas and Bitcoin mining, when you have an extreme weather event, either extreme heat, which is frequent in the state of Texas or extreme cold, which sometimes happens here, Bitcoin mining can be shut off in a fraction of a second. Making that electricity immediately available to the grid to heat or cool people’s homes, to keep businesses running. That is an enormous reservoir of excess capacity that, I think, is very beneficial.”

Texas is one of the most popular bitcoin (BTC-USD) mining hubs in the US due to its available capacity, cheap electricity, and favorable regulations. As of January 2022, Texas accounted for 11.22% of US bitcoin (BTC-USD) mining, making it the second largest bitcoin miner. Crypto miners are about to come to Texas, and rural areas welcome them.

In August, the Texas Comptroller’s newsletter revealed the state’s crypto stance aimed at welcoming long-term miners and operators. The report clears up many misconceptions about bitcoin’s energy use, noting that crypto-mining facilities do not place large electrical demands on the grid, unlike industrial chemical plants or manufacturing facilities.

According to Cruz, the opposition members have no interest in promoting cryptocurrency. He also revealed why he describes himself as a Bitcoin enthusiast:

“I like Bitcoin because the government can’t control it.”

He also noted:

“I think Bitcoin means investment. It means opportunity. It means prosperity. It means financial independence. I also think the rise of bitcoin mining in Texas has an enormous positive benefit for resiliency of the grid.”

The collapse of FTX was a painful blow to the industry. But while the incident may have burned out many retail investors, members say they will continue to invest in the space because they believe in the philosophy and technology behind crypto and blockchain.