Texas should channel excess natural gas into Bitcoin mining – Senator Ted Cruz
US Senator Ted Cruz believes Bitcoin mining will be used to trap waste from renewable energy and the Texas power grid over the next five years.
Speaking at the Texas Blockchain Summit, Senator Cruz stated that Bitcoin mining can be used to monetize the energy generated from oil and gas production.
Cruz noted that half of the country’s natural gas is currently flared in West Texas. He proposed to use this gas environmentally, for example for mining Bitcoins, instead of just wasting it.
Cruz stressed that the whole process can be organized in such a way that in the event of a sudden power outage or lack of power, energy can be returned from mining back to the network.
“The beauty of Bitcoin mining is that if you can connect to the Internet, you can harness that energy and benefit from these renewable energies in a way that would not be possible otherwise.”