Texas Should Use Bitcoin Mining To Extract Wasted Natural Gas: Senator Ted Cruz

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U.S. Senator Ted Cruz believes his country should use natural gas to mine Bitcoin (BTC) rather than torch it.

During Friday’s Texas Blockchain Summit, Senator Cruz claimed that bitcoin mining can be used to monetize energy generated by oil and gas exploration rather than burning it, arguing that there are “tremendous opportunities for bitcoin.” […] to capture this gas instead of wasting it. “

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According to a transcription of the conversation Coin Metrics founder Nic Carter shared on social media, Cruz found that half of the natural gas flared in the country is currently burned in west Texas. “It is wasted because there is no transmission equipment to use this natural gas where it could be used the way natural gas would normally be used,” he added.

“Use this power to mine Bitcoin. The nice thing about it is that if you do it, you are helping the environment tremendously, because instead of flaring the natural gas, you are using it productively. “

Stressing Bitcoin mining’s ability to reflexively mobilize in response to fluctuating energy supplies, Cruz explained that in the event of a sudden power failure or shortage, energy could be immediately fed back into the grid.

“In five years, I expect dramatically different terrain, with bitcoin mining playing a significant role in strengthening and hardening the resilience of the web,” he added.

Noting that Bitcoin can be used to generate wasted energy around the world, Cruz noted, “There are many places on earth where the sun shines a lot and the wind blows a lot, but there are no power lines, and it is not economically justifiable to use this energy. “

“The nice thing about Bitcoin mining is that if you can connect to the internet, you can use that energy and extract value from this renewable energy in a way that would otherwise be impossible.”

Cruz isn’t the only one who believes Bitcoin mining could provide an efficient means of harnessing renewable energy. El Salvador recently announced plans for a government-backed bitcoin mining project using renewable energy.

Related: Bitcoin’s power consumption this year has already exceeded all 2020s

Bitcoin mining has become a key industry for the state of Texas following China’s crackdown on industrial bitcoin mining companies in May.

Many miners turned to Texas for its cheap and abundant renewable energies, while others looked to Kazakhstan, Norway, and Canada for inexpensive green power.