At the recently concluded Texas Blockchain Summit this past Friday, Texas Senator Ted Cruz argued that the state still has several energy sources that it may use to participate even further within the crypto space.
According to Cruz, half of the flared natural gas in Texas is currently flared in the state’s western side – just sitting there and wasting away. He adds that this current situation poses an excellent opportunity for Texas to establish an even greater foothold on the global crypto mining industry. Not only will this move help the state financially, but would also help the environment significantly as the natural gas there would be put to productive use rather than just being stuck, says Cruz.
In its simplest form, Cruz argues that Texas should ultimately use that power in the Permian Basin to mine Bitcoin.
This focus of the discussions toward the leading cryptocurrency’s energy source and consumption caught nobody by surprise due to the fact that Bitcoin consumes more energy than most countries in the world today.
While some countries now start offering far cheaper renewable energy sources for Bitcoin miners in the hopes of mitigating its tremendous energy consumption, others have decided to ban mining altogether, such as China.