U.S. U.S. Senator Ted Cruz believes that the United States should use natural gas to mine Bitcoin, instead of flaring it.
Senator Cruz stated that Bitcoin mining could be used to monetize oil and gas extracted from the ground. He argued that it is possible for Bitcoin to capture this gas instead of wasting it.
A transcription of Cruzs talk was shared on social media by Nic Carter, Coin Metrics founder. It states that half the natural gas fracking in the country is being used in West Texas. He said that half of the natural gas being burned in West Texas is being wasted as there isnt any transmission equipment to transport it.
You can use that power to mine Bitcoin. That is part of what makes it so special. Instead of burning natural gas, you are putting it to productive uses.
Cruz stressed the ability of Bitcoin mining to be used reflexively to respond to fluctuations in energy supply. He also stated that energy could be instantly returned to the grid in case of an unexpected power outage.
He said, “In five years, I expect to see a drastically different terrain with Bitcoin mining playing an important role in strengthening the resilience of the grid.”
Cruz pointed out that Bitcoin can be used for unutilized energy around the world. He said: “There are many places on Earth where there is sun shining a lot and wind blowing a lot, but there aren’t any power lines so its not economically possible to use that energy.”
Bitcoin mining has the advantage of allowing you to connect to the internet and use that energy to extract value from renewables in a way you wouldnt otherwise be able.
Cruz isnt the only one who believes that Bitcoin mining can be an efficient way to capture renewable energy. El Salvador announced recently plans for a state-backed Bitcoin miner project powered by renewables.
Related: Bitcoins power consumption in this year already surpasses all 2020s
After Chinas May crackdown against industrial Bitcoin mining companies, Bitcoin mining has been a major industry in Texas.
Many miners chose Texas because of its abundant and cheap renewables. Others looked to Canada, Norway and Kazakhstan to get affordable green electricity.