According to the congressman, Texas combines abundant energy at relatively low prices with free enterprise.
Senator Ted Cruz of the United States wants to make Texas an oasis for Bitcoin and other cryptocurrencies. In November, when speaking at the Texas Blockchain Summit 2022, the lawmaker emphasized how vital the crypto industry can be for the U.S. energy supply and technological progress.
Cruz stated that Bitcoin mining might be utilized to commercialize energy derived from oil and gas extraction, emphasizing that mining activity can be used as an alternate energy storage and supply method.
“The beauty of it [Bitcoin mining] is that when you have a substantial investment, as we do in Texas and Bitcoin mining, and there is an extreme weather event, either extreme heat, which is common in the state of Texas or extreme cold, which occasionally occurs here, Bitcoin mining can be shut down in a fraction of a second—making that electricity readily available to the grid to heat or excellent households and maintain business operations. This tremendous store of extra capacity is advantageous.
The senator emphasized that abundant, relatively inexpensive energy and a commitment to free enterprise make Texas an attractive location for the U.S. crypto economy. Cruz also stated why he considers himself a fervent Bitcoin supporter.
“I appreciate Bitcoin because the government cannot regulate it.”
The legislator further stated that he acquires Bitcoin weekly, the only cryptocurrency in his portfolio. He said:
“Bit signifies investment. It means possibility. It denotes wealth. It means financial autonomy. The rise of bitcoin mining in Texas has had a tremendously favorable effect on the grid’s resilience.
Texas is one of the most rapidly expanding cryptocurrency mining centers in the United States. In August, the office of the State Comptroller took a pro-crypto stance, underlining the benefits 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.