Senator Ted Cruz Calls Bitcoin Miners to Energy-Rich Texas

According to Texas Senator Ted Cruz, bitcoin miners can turn Texas’ energy resources into opportunities.

Speaking at the Texas Blockchain Summit, the Republican Senator said that natural gas produced as a byproduct in the Permian basin to be wasted announced that it can be used to mine bitcoin (BTC) instead.

Oil companies in the Permian basin of West Texas during oil production spin off It burns the resulting natural gas by a method known as flaring. According to 2019 data from the US Energy Information Administration, natural gas burned as waste nationwide almost half from Texas is coming.

According to World Bank data, 140 billion cubic meters of natural gas is burned annually as waste in oil producing regions around the world, resulting in the release of 300 million tons of CO2 into the atmosphere.

Senator Ted Cruz, Texas waste natural gas “rather than wasted” that it can be used to generate bitcoins and that it can be used for the mining industry. “great opportunity” said that. Natural gas obtained by oil companies can be converted into cheap electricity and transferred to data centers.

Data centers can encourage a shift to wind and solar power and reduce carbon emissions, according to a report by tech company Lancium. Texas is ahead of all other states in terms of wind power generation.

This is thought to not only be beneficial to the environment, but could also improve Texas’ energy infrastructure. According to Senator Cruz, the energy used to produce bitcoin can be diverted to different areas in case of an emergency such as a natural disaster, so the grid in Texas is stronger and more durable can be achieved.

In Texas, which alone accounts for 40.4% of the total oil production in the USA, large-scale power cuts were experienced this winter due to the freezing temperatures, and a state of emergency was declared in the state.

Texas is already one of the leading states in the US when it comes to cryptocurrency mining. According to data from the Foundry, the largest mining pool in North America, 19.9% ​​of the total bitcoin mining power in the US is New York, 18.7% is Kentucky, 17.3% is Georgia, 14% is Texas. It comes from.

Miners like Riot Blockchain, to operate in Texas Although they are not affiliated with the Foundry, the percentage of Texas is actually higher than that. is higher is assumed.


Image: Ted Cruz (Gage Skidmore, image modified by Koin Bulletin)

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