BlockchainTexas energy resources, an opportunity for Bitcoin (BTC) according...

Texas energy resources, an opportunity for Bitcoin (BTC) according to Senator Ted Cruz

At the Texas Blockchain Summit that took place last week in the United States, Republican Senator Ted Cruz claimed that Bitcoin (BTC) could use the abundant energy resources of the American state. The only downside, and not the least, Texas has mainly fossil fuels. However, minors are now strongly encouraged to use renewable energies.

Texas energy resources, an opportunity for Bitcoin (BTC)?

Last week was the Texas Blockchain Summit, an important event for the Bitcoin community . It was on this occasion that Republican Senator Ted Cruz, known for having been a candidate in his party’s primaries for the presidential elections in 2016, spoke.

During his speech, Ted Cruz praised the merits of his State and in particular its abundant energy resources. For the senator, they represent a great opportunity for BTC. Here are the words of the Republican:

“50% of American natural gas comes from the Permian Basin located in West Texas. I think this is a huge opportunity for Bitcoin, because [natural gas] is energy that’s wasted. “

The Permian Basin is known to be a geological region rich in oil, natural gas and potassium. In other words, it encourages minors to move to Texas to start or continue their activity. This would avoid “wasting” Texan natural gas, as Ted Cruz believes.

Should BTC Miners Use Texas Fossil Fuels?

Ted Cruz understood that many discussions about Bitcoin revolved around its energy consumption. For the US senator, high energy consumption is not a problem, quite the contrary. It would even be a way of strengthening the infrastructure in this area.

The senator believes that Texas could come to the point where the mining of Bitcoin will make it possible to compensate for the energy production wasted by Texas. Indeed, according to Ted Cruz, the southern state of the United States produces energy that is not used and which would therefore be wasted. A priori, it is, therefore, a real boon for BTC miners.

However, a trap has slipped into the proposal. Without saying it explicitly, Ted Cruz speaks well of the natural gas which would be wasted and which could therefore be used for the mining of Bitcoin. However, everyone keeps in mind the affairs of last spring and the umpteenth debate on the energy consumption of mining and the Proof of Work (PoW) consensus .

Tesla notably stopped the initiative to accept payments in BTC for environmental reasons. The mining thus returned despite on the front of the scene for, as usual, the wrong reasons. Thus, many might feel that the rejection of Ted Cruz’s proposal would be more appropriate .

Florent Malice
Florent Malicehttps://www.newsalarms.com/
Malice is an Irish sports journalist and former amateur and part-time road bicycle racer, He wrote for The Sunday Times newspaper and others, and published a number of books.

Latest news

International Top Tech Conference EMERGE to debut in the UAE this May 28-29

EMERGE conference will take place in Dubai bringing a new perspective of the tech industry to the GCC –...

GPT Guru Launches IDO on SuiPad: Empowering AI-Language Models on a Global Scale

Ohio City, Ohio, May 24, 2023, ZEX PR WIRE, SuiPad, the leading launchpad for tier 1 projects on the...

Opside Incentivized Pre-alpha Testnet is Now Live

Hong Kong, May 24, 2023, ZEX PR WIRE, Opside launched its Incentivized Pre-alpha Testnet on May 24th at 0:00 UTC,...

Seeders Club: Uniting Investors for Stronger Diversified Opportunities

Dubai, UAE, May 23, 2023, ZEXPRWIRE, Seeders Club is breaking the mold of traditional investment structures with its unique platform that brings...

iGet Oz: Your Trusted Disposable Vape Supplier in Australia

Melbourne, Australia, May 23, 2023, ZEXPRWIRE, As the popularity of vaping continues to rise, finding a reliable and trustworthy supplier...

OmniaVerse Launches Their $BLOCK Utility Token on the Core Network, Unleashing Immersive Web3 Gaming Experience

OmniaVerse Games on the Core Network Ontario, Canada, May 23, 2023, ZEX PR WIRE, The Core network is an EVM...

Must read

USD 19,500, the new key price of bitcoin to start an upward movement

Key facts: In the past, $19,500 has been a resistance...

Blockchain IDOs and Presales You Should Know About

There’s never a lack of new projects opportunities when...

The 10 rules to prepare for the crypto bear market by the savvy investor

While the Bitcoin and cryptocurrency market reached a record capitalization in...

Latin America’s E-commerce Giant Opens Up To Buying Bitcoin

Bitcoin (BTC) and cryptocurrencies are increasingly accepted every day for...

Binance Welcomes Arbitrum – Ethereum’s Second Layer!

For many months, the Ethereum (ETH) network has faced...

You might also like
Recommended to you