Energy crises are one of the primary arguments against cryptocurrency. To combat this pervasive issue, Senator Ted Cruz has suggested using natural gas to mint bitcoin. According to this senator, natural gas is better used when it goes into minting of bitcoin instead of flaring. If implemented, this idea has the potential to change the way people view the energy problem in relation to cryptocurrency. Senator Cruz talked about these issues at the Texas Blockchain Summit last Friday.
Nic Carter, the founder of Coin Metrics, shared a transcription of the talk on social media. From the transcription, we can see that Senator Cruz thinks natural gas has huge potential to power the crypto mining industry. Senator Cruz also presented the fact that 50% of the USA’s total natural gas is flared in West Texas. All this natural gas is essentially going to waste because there are no proper transmission mechanisms in place. In addition to that, it would be very effective in cases of a power outage. Energy could easily be transferred back to the power grid in case of such unforeseen events. While talking about these innovations, Ted Cruz added that bitcoin mining would hugely support power grids in the future.
Inexpensive and eco-friendly energy is going to power the future of bitcoin and other cryptocurrencies. Kazakstan, Norway, and Canada are the favorite destinations of crypto miners for the availability of cheap green energy. If Texas can capitalize on natural gas, it can be a hub of crypto mining.