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Bitcoin

Bitcoin: A ‘Reservoir Of Power,’ US Senator Says In Bold Speech

Christian Encila
by Christian Encila
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Senator Ted Cruz described Bitcoin as a “reservoir of power” at the Texas Blockchain Council. He said mining bitcoins can strengthen Texas’ grid during extreme weather.

Related Reading: Three Arrows Demands $1.3 Billion From Bankrupt Terraform Labs

According to Cruz, when traditional energy sources cannot keep up with demand, Bitcoin might be a much-needed safety net for that eventuality. Against this backdrop, with respect to the energy infrastructure of Texas, Cruz’s vision regarding Bitcoin works as a new approach toward mitigating such issues.

The @TXblockchain_ Council is proud to ENDORSE Senator @tedcruz! Senator Cruz spoke to a crowd of over 150 people today at the @Core_Scientific Denton Bitcoin Mining Data Center. He talked about Bitcoin as a tool for ensuring freedom and mining as a tool for grid stability! pic.twitter.com/hqpTDqcHOL

— Lee ₿ratcher (@lee_bratcher) August 12, 2024

Resilience In Energy: Bitcoin Mining

Cruz believes that crypto mining can ultimately help stabilize the grid of Texas. The state has been slammed by extreme weather over the last two years, eventually causing power failures and disruptions. In such crisis situations, renewable energy sources can sometimes fall short.

The senator claims Bitcoin mining can adjust operators’ energy consumption to meet grid demands. If the grid experiences a demand surge, miners cut off for a few hours and shift electricity to homes and hospitals. Therefore, this shutdown feature can secure power and avert blackouts.

Many in the Texas energy industry find resonance in the senator’s remarks. The Texas Blockchain Council, a group pushing for the development of bitcoin and blockchain technology, has wholeheartedly endorsed Cruz’s reelection campaign.

They see his advocacy for Bitcoin as a means to propel Texas to the forefront in both energy innovation and cryptocurrencies. Cruz believes that, with Texas’ vast reserves in terms of energy and its desire to forge ahead economically, it can step up to the challenge by placing Bitcoin mining within the energy landscape.

BTCUSD is now trading at $60,834. Chart: TradingView

Economic Growth And The Creation Of Jobs

Low electricity prices in Texas, combined with very friendly laws, have made the state a destination of choice for digital currency mining. A number of large-scale mining operations that have attracted investment and created jobs exist in the state.

Image: ESG News

Cruz argues that Bitcoin is going to further establish the Lone Star State as a tech-forward hub. Cruz intends to keep Texas at the forefront of this developing industry since the crypto sector has a large potential for employment development.

Related Reading: Binance Exec In Critical Condition In Nigerian Prison, Surgery Needed To Save His Life

His plan chimes in with a greater American trend in which states are vying for a spot in the highly-evolving space of digital assets. That is because, to date, many legislators are fast realizing that BTC can be an enabler of economic growth as it takes off in popularity.

A New Era For Energy And Cryptocurrency

Cruz’s comments on Bitcoin give a glimpse into the future as Texas sorts out energy matters. If crypto mining is taken to be an agile and responsive energy customer, then it would benefit Texas to take advantage of digital currencies’ financial prospects while ensuring grid resilience.

Featured image from Pexels, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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