US Congressman Pete Sessions believes bitcoin is consistent with American ideals and will help boost the US dollar.
Rep. Sessions also pointed out that cryptocurrency “is going toward becoming a more resilient alternative choice” for hedging against fiat-currency inflation.
Bitcoin mining is increasing in popularity in Texas. This is largely because of the fact that prominent politicians such as Sessions are wooing cryptocurrency mining companies.
The 12-term Republican congressman tweeted Tuesday that Bitcoin mining will be “essential” in reestablishing the United States’ energy independence.
Bitcoin Boom In The Lone State
The Waco, Texas, legislator should know. His state, which was once a major oil producer, is currently experiencing a Bitcoin mining rush.
Texas has attracted an increasing amount of interest in the bitcoin business in recent years as state and federal officials attempt to prepare the basis for an explosion of blockchain technology.
Texas has the fourth-highest hashrate of any state, at 14%, according to data from fall 2021. (Hashrate is a metric used to quantify the amount of computational power contributed to the Bitcoin network.)
Industry leaders assert that they are attracted to the state’s low-cost energy and lack of regulation.
“I want to see Texas become the hub of the universe for bitcoin and cryptocurrency,” US Senator Ted Cruz (R-TX) stated last October at the Texas Blockchain Summit.
Mixed Reactions
Numerous Twitter users responded to Sessions, expressing a variety of viewpoints.
While several agreed with him that Bitcoin is consistent with American principles, many disagreed that it will bolster the US dollar.
The Chamber of Digital Commerce issued the following statement in response to Sessions:
“Thank you for your leadership and guidance… We couldn’t agree more!”
“Pete gets it,” said Eric Weiss, founder of Blockchain Investment Group.
Darin Feinstein, founder of Core Scientific, told Sessions that he is “100 percent correct.”
BTC total market cap at $812.65 billion on the daily chart | Source: TradingView.com
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Texas’ influence is likely considerably greater than the figure above, given the massive mining complexes that have either begun construction or are in the planning stages in the last year.
For instance, Argo acquired more than 300 acres in West Texas this spring, while Foundry is working with or acquiring solar and hydroelectric companies in the Lone State.
Texas also boasts an abundance of wind and solar energy.
According to the US Energy Information Administration, it has by far the biggest net (summer) capacity of any state, with 65 percent greater capacity than second-place California.
And its legislators intend to utilize that authority to raise funds from cryptocurrency corporations.
A Goldilocks Zone For Bitcoin Mining
Nic Carter, co-founder of Coin Metrics, has this to say on Twitter:
“Texas is a goldilocks zone for bitcoin mining.”
Cater cites the state’s “friendly legislators” and dependable energy infrastructure.
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Featured image from Decrypt, chart from TradingView.com