dailyhodl.com
US Senator Ted Cruz (R-TX) says that Bitcoin (BTC) mining provides an opportunity to use energy that would otherwise be wasted.
Speaking at the Texas Blockchain Summit, Sen. Cruz explains how Bitcoin mining could capture unproductive energy in the form of natural gas.
“Fifty percent of the natural gas in this country that is flared, is being flared in the Permian right now in West Texas. I think that is an enormous opportunity for Bitcoin because that’s 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.”
The US Senator says that using natural gas flares to mine Bitcoin is good for the environment and can also serve as a source of power during shortages.
“Part of the beauty of that is the instant you’re doing it [mining Bitcoin using natural gas flares], you’re helping the environment enormously because rather than flaring that natural gas, you’re putting it to productive use.
But secondly, because of the ability in Bitcoin mining to turn on or off instantaneously, if you have a moment where you have a power shortage or a power crisis whether it’s a freeze or some other natural disaster where power generation capacity goes down, that creates the capacity to instantaneously shift that energy to put it back on the grid.”
Coin Metrics co-founder Nic Carter agrees with Senator Cruz and says that Bitcoin will help in the adoption of renewable energy.
“Suffice to say, Sen. Cruz is absolutely right. Bitcoin miners are actively engaged in demand response (and a more sophisticated version called ‘controllable load’). Major energy firms will use BTC for renewable offtake and flare gas mitigation is happening.”