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Texas Republican Senator Ted Cruz held a talk at the Texas Blockchain Summit this past weekend where he stated that Bitcoin and the mining of the flagship cryptocurrency have tremendous benefits.
Cruz said that Bitcoin and mining of the asset serves both the economy and the environment well. An improved economy generates prosperity which then affects the environment, the senator detailed:
“If you look at the environment, pollution is directly connected to poverty. The poorer a community is, the more dirty the energy is they produce.
If you’re driving a brand new Tesla, that’s great. But if you don’t have the money to afford one that doesn’t help.
What’s exciting about Bitcoin also is, that’s a room [Texas Blockchain Summit event at Austin] full of entrepreneurs. That’s a room full of people that are providing for their family. And that prosperity is a net positive for the environment as well.”
By incentivizing renewable energy and using excess energy that would otherwise go to waste, for the environment, Bitcoin mining pros far outweigh the cons when, Cruz continued:
“I think cryptocurrency is a net plus for the environment. In fact, a big net plus for the environment. Being able to unlock a lot of renewables is really important for the environment. I think being able to take stranded natural gas and put it to productive use is a big positive for the environment.”
BTC mining would also help develop efficient use of the power grid, the Texan said:
“Because of the ability of Bitcoin mining to turn on or off instantaneously, if you have a moment where there’s a power shortage and a power crisis, whether it is a freeze or some other natural disaster where power generation capacity goes down, that creates the capacity to instantaneously shift that energy to put it back on the grid.”
Cruz, who recently bought the Bitcoin dip, is big proponent of his home state to become the center of blockchain and crypto operations and innovation.
Texas is currently home to a pilot project, with Blockstream and Block collaborating in the development of a crypto mine, powered by a Tesla solar installation.