- Ted Cruz has suggested that natural gas in Texas should be used for Bitcoin mining
- The gas, which would otherwise be wasted, could be used in addition to the state’s bountiful wind power
- Cruz showed himself to be knowledgeable in the matter of cryptocurrency during the Infrastructure Bill debate
Bitcoin mining has found an unlikely ally in Texas senator Ted Cruz. Cruz, who showed an impressive understanding of cryptocurrency affairs during the debate over the Infrastructure Bill in August, spoke last week to Bitcoin advocate and developer Jimmy Song during the Texas Blockchain Summit, where he said that the state was perfectly set up for environmentally conscious Bitcoin mining. Cruz’s comments were publicized by Bitcoin advocate Nic Carter, who said that Cruz “has the most enlightened perspective on the issue I’ve ever come across from a policymaker”.
Transcribed Sen. Ted Cruz’ comments on Bitcoin and energy from the Texas Blockchain Summit this week. My jaw dropped while listening – he has the most enlightened perspective on the issue I’ve ever come across from a policymaker pic.twitter.com/iu90oukr2w
— nic carter (@nic__carter) October 10, 2021
Cruz Showed Crypto Chops in August
Cruz came to the attention of the cryptocurrency community during the hotly debated cryptocurrency element of the Infrastructure Bill. As the bill was being discussed, Cruz spoke eloquently on the dangers of decimating the cryptocurrency industry in the U.S., catching many off guard with his knowledge of the subject.
This genuine knowledge and apparent passion for the cryptocurrency industry has seen Cruz talk about the industry since the debate, most recently appearing at the Texas Blockchain Summit where the subject of Bitcoin mining came up.
Bitcoin Mining Using Wasted Gas
Texas has already proved itself to be a desirable location for Bitcoin mining with mining companies from all over the world adding facilities there because of Texas being, in Cruz’s word, “the number one wind producer in the country by far”, before moving onto the proliferation of natural gas in the region. Much of this gas is wasted, but Cruz said that this could, and should, be put toward Bitcoin mining:
I think that is an enormous opportunity for Bitcoin, because that’s right now energy that is just being wasted. It’s being wasted because there is no transmission equipment to get that natural gas where it could be used the way natural gas would ordinarily be employed; it’s just being burned. And so some of the really exciting endeavors that people are looking at is ‘can we capture that gas instead of burning it?’. Use it to put in a generator right there on site. Use that power to mine Bitcoin.
Cruz said that the plan for Bitcoin mining in the region to utilize waste gas has “enormous potential” and is something that he expects to usher in a “dramatically different terrain with Bitcoin mining playing a significant role as strengthening and hardening the resilience of the (power) grid” within five years.