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- Pete Sessions believes Bitcoin mining can help the US achieve energy independence.
- It comes as the conflict in Europe has pushed gas prices higher.
- Texas has become a hotspot for Bitcoin mining amid local political support.
Gas price concerns continue as Russia continues its aggression in Ukraine. US lawmaker Pete Sessions believes the country needs to seek energy independence and has tipped Bitcoin mining to play a key role.
Bitcoin Mining And Energy Independence
In a tweet yesterday, Republican Congressman Pete Sessions from Waco, Texas, revealed that he expects Bitcoin to help America achieve Energy Independence. The Congressman is not the only politician to support this view, as Senator Cynthia Lummis quickly quoted his tweet. She has been one of the lawmakers pushing to amend some perceived harms of the Biden administration’s infrastructure bill to the industry.
“Bitcoin Mining will play a critical role in rebuilding energy independence in the USA.”
Notably, on Friday, the Congressman had tweeted, “Bitcoin is aligned with American values and will strengthen the dollar.” It will not be the first time a Texas lawmaker has suggested that Bitcoin mining had the potential to solve America’s energy and power concerns. Last October, Republican Senator Ted Cruz had said that while a lot of the focus regarding Bitcoin mining was on its energy consumption, he preferred to look at the other angle, “which is as a way to strengthen our energy infrastructure.”
The idea of energy independence is not new; it tends to come up when prevailing economic or geopolitical concerns raise gas prices. Russia’s current crisis with Ukraine has affected global gas prices. Russia is an energy giant that produces roughly 8% of the world’s oil. If the US achieves energy independence, it would not have to worry much about the blowback from sanctions on Russia.
Notably, at the beginning of this month, Biden himself called for energy independence. Biden, referring to the conflict in Eastern Europe, said, “This crisis is a stark reminder. To protect our economy over the long term, we need to become energy independent. I’ve had numerous conversations over the last three months with our European friends about how they have to wean themselves off of Russian oil.” He added that the situation was a pointer that the country needed to move towards renewables.
Bitcoin Mining Growth In The US And Why Texas Is A Hotspot
Bitcoin mining activity in the US has grown rapidly over the last year, mostly due to several Bitcoin miners fleeing from China to continue their Business. Last year, Foundry USA, a New York-based Bitcoin mining operation, became the second-largest contributor to the Bitcoin mining pool.
Environmentalists and even lawmakers like Senator Elizabeth Warren have expressed concern over the impacts of Bitcoin mining activity on the environment. The general concern is that mining activities increase the reliance on fossil fuels.
Despite these concerns, the industry continues to grow, and Texas has become one of the hotspots. In a tweet on Saturday citing factors like crypto-friendly lawmakers, cheap power, and access to renewables, Coin Metrics co-founder Nic Carter called Texas a “goldilocks zone for Bitcoin mining,” adding, “It’s a wonder that there’s mining anywhere else. Texas is just unreal in terms of mining suitability.”