US Senator Ted Cruz believes his state should use natural gas to mine Bitcoin.
Natural gas to mine Bitcoin
At the Texas Blockchain Summit claimed Senator Cruz that Bitcoin mining can be used to monetize wasted energy created by oil and gas extraction. Normally, excess gas is burned, but according to Cruz this can be used much better to mine Bitcoins.
Cruz noted that half of the natural gas used in the country is currently burned in West Texas.
“It is wasted because there is no transmission equipment to get that natural gas where it can be used as natural gas would normally be used.” So he told.
“I would say, use that power to mine Bitcoin. Part of the beauty of that is that the moment you do that, you’re helping the environment tremendously. Because instead of wasting the natural gas, you use it productively.”
All over the world
Cruz emphasized that Bitcoin mining can be deployed in many places when waste occurs. And, if the wasted energy is ever needed, the BTC mining can be stopped immediately. Cruz went on to say that Bitcoin can be used to capture unused energy around the world.
“There are many places on Earth where the sun shines a lot and the wind blows a lot. However, there are no power lines, and it is not economically feasible to use that energy. The great thing about Bitcoin mining is that if you can connect to the internet, you can use that energy and extract value from those renewables in a way that would otherwise be impossible.”
Cruz is not alone in believing that Bitcoin mining can be an efficient means of capturing renewable energy. El Salvador recently announced plans for a state-backed Bitcoin mining project powered by renewable energy sources.
Bitcoin mining has become a major industry for the state of Texas after China’s crackdown on industrial Bitcoin mining companies in May.
Many miners turned to Texas for its cheap and abundant renewable energy resources. While others looked to Kazakhstan, Norway and Canada to access cheap green electricity.