US Senator Ted Cruz believes that his country should use natural gas to extract Bitcoin (BTC), not burn it.
At the Texas Blockchain Summit on Friday, Senator Cruz said bitcoin mining could be used to invest the energy generated by extracting oil and gas, rather than burning it, arguing that bitcoin has “enormous potential […] to capture this gas rather than burn it.”
According to a transcript of the letter posted on social media by Coin Metrics founder Nick Carter, Cruz noted that half of the country’s natural gas flares are currently being lit in West Texas. “It is a waste because there is no transportation equipment to get this natural gas as it can be used in the same way that natural gas is usually used,” he added.
“Use that power to mine bitcoin. Part of the beauty of this is that the moment you do that, you help the environment a lot, because instead of burning natural gas, you use it for productive use.”
Cruz stressed that bitcoin mining capacity can be reflexively mobilized in response to fluctuations in the power supply, noting that power can be immediately returned to the grid in the event of a sudden power outage or shortage.
He added, “Within five years, I expect to see a very different situation where Bitcoin mining will play an important role in enhancing the resilience of the network.”
Cruz noted that bitcoin could be used to capture untapped energy around the world, arguing: “There are many places on Earth where the sun shines and the winds blow, but there are no power lines, and it is economically impractical to use that energy.”
“The great thing about bitcoin mining is that if you can go online, you can harness the energy and tap into these renewable energies in a way that wouldn’t otherwise be possible.”
Cruz is not the only one who believes that bitcoin mining can provide effective means to harness renewable energy, as El Salvador recently announced plans to implement a government-sponsored bitcoin mining project for renewable energy.
On the topic: Bitcoin’s energy consumption has already surpassed all indicators of 2020 this year.
Bitcoin mining has become a major industry in Texas after China crashed in May against industrial Bitcoin miners.
Many miners looked to Texas for cheap and affordable renewable energy, while others looked to Kazakhstan, Norway, and Canada for cheap green electricity.