At the Texas blockchain summit (Video Below), Texas Senator Ted Cruz expressed the opinion that mining bitcoin using natural gas will not only make the BTC mining process greener but also increase the stability of the network.
According to Coin Metrics founder Nic Carter, he was really thrilled after listening to such a solution for mining BTC.
Transcribed Sen. Ted Cruz' comments on Bitcoin and energy from the Texas Blockchain Summit this week. My jaw dropped while listening – he has the most enlightened perspective on the issue I've ever come across from a policymaker pic.twitter.com/iu90oukr2w
— nic carter (@nic__carter) October 10, 2021
According to Cruz Bitcoin mining can be used to monetize energy generated by oil and gas exploration rather than burning it, arguing that there is a tremendous opportunity for Bitcoin to extract that gas rather than wasting it.
Ted Cruz noted Half of the country’s natural gas is burned in West Texas.
“It’s being wasted because there is no transmission equipment to get that natural gas where it could be used the way natural gas would ordinarily be employed.”
He further said:
“Use that power to mine Bitcoin. Part of the beauty of that is the instant you’re doing it you’re helping the environment enormously because rather than flaring the natural gas you’re putting it to productive use.”
Cruz said that Bitcoin can be used to capture unutilized energy across the globe:
“There are a lot of places on Earth where the sun shines a lot and the wind blows a lot but there aren’t any power lines and it’s not economically feasible to use that energy. The beauty of Bitcoin mining is that if you can connect to the internet, you can use that energy and derive value from those renewables in a way that would be impossible otherwise.”
“In five years, I hope to see a completely different situation. Mining bitcoin using natural resources can play an important role in increasing the stability of the network.”
Recall that in September, the President of El Salvador announced that he was considering the option of mining bitcoin using geothermal energy.