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Texas Should Use Abundant Energy for Bitcoin Mining, Says Ted Cruz | Finance Magnates

www.financemagnates.com 11 October 2021 05:00, UTC
Reading time: ~2 m

Bitcoin mining has always been the hottest topic for discussions among the crypto community. Despite the latest jump in its adoption and price, the world’s largest cryptocurrency has been criticized for the significant use of energy in its mining. However, in the last few months, several influential figures in the global crypto community have encouraged the use of environment-friendly energy resources for BTC mining.

Ted Cruz, the US Senator from Texas, recently addressed the Texas Blockchain Summit and mentioned that the state can use abundant energy for Bitcoin mining. Cruz also highlighted the key benefits of Bitcoin mining through natural gas. “We are the number 1 wind energy producer in the country. Secondly, if you look at natural gas right now, a massive amount of natural gas is being flared in West Texas. I think that is an enormous opportunity for Bitcoin because that energy is being wasted,” Cruz said.

The latest statement from the US Senator came nearly 4 months after Francis Suarez, the Mayor of Miami, said that the city is planning to reduce the cost of electricity to facilitate Bitcoin miners. Suarez added that Miami can provide clean energy for BTC mining. Suarez is the holder of BTC and Ethereum. In an interview with CNBC in June 2021, the Mayor of Miami said that he purchased BTC near $30,000 and Ethereum near $1,500.

Bitcoin Mining

In his latest comments, Cruz said that BTC mining is a massive opportunity for Texas. “The beauty of Bitcoin mining is that if you can connect to the internet, you can use that energy and derive value from those renewables in a way that would be impossible otherwise. And I think we are going to see in the next five years massive innovations in that regard as well,” the US Senator added.

BTC’s mining rate has recovered quickly after the recent dip caused by China’s crypto ban. Bitcoin mining revenues have also increased sharply during the latest recovery.

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