Texas Senator Ted Cruz has said he is a bitcoin fan and highlighted why his state is perfect for cryptocurrency mining.
Commenting at the Texas Blockchain Summit 2022 held late last month, a US Senator argued that cryptocurrencies could become a strategic industry for the US to develop. Cruz argued that Bitcoin would benefit the country’s energy supply and represent a “huge reservoir” of surplus energy.
As report According to Cointelegraph, the senator said:
its beauty [Bitcoin mining] Extreme weather, such as the extreme heat that Texas frequently experiences, or the extreme cold that occasionally occurs here When an event occurs, Bitcoin mining can: It will power off in just a second. Make that electricity readily available on the grid to heat or cool people’s homes and keep their businesses running. It is a huge reservoir of excess capacity.
Cruz called the crypto mining glut “very profitable,” noting that Texas’ abundant, low-cost energy makes it an attractive location for the crypto industry. The Texas senator went on to say he is a fan of Bitcoin because “the government cannot control it.”
Senator Cruz has revealed that he invests in bitcoin every week, claiming it is the only crypto asset he owns.
He said,
Think of Bitcoin as an investment. It means chance. means prosperity. means financial independence.
The senator also claimed that the rise of bitcoin mining in Texas had “very positive benefits” for the resilience of the state’s power grid.
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