Cruz stated that cryptocurrency mining is a ‘net plus’ for the environment, especially if miners focus on utilizing renewable energy sources, he said during an interview published by Vice News on August 20. Interestingly, Cruz suggested that Bitcoin mining leads to the prosperity of families involved in the activity as it breeds entrepreneurs.
Bitcoin’s ability to share the grid
Cruz added that in the wake of Bitcoin mining criticism, the activity could co-exist with other forms of energy utilization by sharing the grid. The lawmaker cited Texas as an ideal location for advancing Bitcoin mining. According to Cruz, in Texas, Bitcoin mining could play “a significant role in strengthening and hardening the resilience of the grid.”
Cruz’s support for Bitcoin
The senator who has expressed his support for Bitcoin maintains that he wants to make Texas an ‘oasis on planet Earth for Bitcoin and cryptocurrencies.’ Notably, the Texas state government has put in place measures to support and attract Bitcoin miners by enacting a system that pays operators to shut down the activity in case of high power demand. As reported by Finbold, some miners are on record indicating that they profited heavily by suspending operations during the heatwave. Overall, the United States has emerged as the leading destination for crypto miners. Several states are luring miners by offering them renewable sources to help curb the asset’s carbon footprint.
