Texas Senator Ted Cruz believes the Bitcoin mining will be used in the Southern state to capture wasted natural gas in the future.
U.S. Senator Cruz spoke during the Texas Blockchain Summit and predicted that within 5 years wasted renewables will be used for Bitcoin mining. The energy obtained from oil and gas extraction doesn’t have to be burned and become useless.
“In five years, I expect to see radically different terrain, with Bitcoin mining playing an important role in building and hardening the resilience of the network.”
About half of the natural gas flared in the United States is at the moment being burned in West Texas, and it’s a major waste. This comes because of a lack of transmission amenities to get the gas in other locations.
“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.”
“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.”
Senator Ted Cruz believes that this can be done globally. Bitcoin mining could capture energy everywhere that nature permits it. The energy that comes from the sun, wind, and many other natural resources can be exploited. This could impact the economy in a very positive way.
“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.”
El Salvador is also trying to find alternative ways to power Bitcoin mining and obtained its first Bitcoin through volcanic energy. The country has 20 potentially active volcanoes, and 22% of the energy is supplied by them.
While Bitcoin mining has been criticized for its negative environmental effects, geothermal energy can solve the problem and guarantee clean energy.
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