Instead of burning the natural gas, the senator wants to channel it into Bitcoin mining
Bitcoin Miners Can Use the Abundant Natural gas Wasted by Flaring, “productive use” and help the environment, said US Senator Ted Cruz on Friday.
Texas is currently one of the top targets for Bitcoin mIners, especially after China’s crackdown on crypto mining and trading.
In addition to cheap and readily available wind energy, miners could also benefit from another source of energy – natural gas, which the oil industry “scorch”in order to prevent pressure from building up in the deposits during oil production.
Bitcoin Mining is “productive
In his speech at the Texas Blockchain Summit on October 8, Cruz pointed out that about 50% of the torched” Gases account for a huge amount of energy, which, in his opinion, should not be wasted.
According to Cruz, the waste is due to the lack of the necessary transportation facilities to catch the natural gas and direct it to the areas where it is intended to be used.
“USE this energy to mine Bitcoin”, demanded the Texas politician, adding that this was a step that could immediately help the environment.
“.. .instead of burning the natural gas, it is used productively”, he explained.
The energy can also be connected to the grid to create reserves from which other important applications can draw electricity, Cruz added.
Bitcoin, according to the US politician, has the potential to prove to be very important worldwide, especially in many “Places on Earth where the sun shines a lot and the wind blows a lot, but there are no power lines and it is not economically feasible to use this energy.”
CoinMetrics founder Nic Carter summed up Senator Ted Cruz’s speech advocating the use of Bitcoin mining as follows:
Sen. Cruz makes 3 key points
– Miners can mine off grid by mitigating waste nat gas (byproduct of oil extraction)
– Miners can participate in demand response and give energy back to grid when most needed
– Miners can take advantage of stranded renewables
— nic cubeter (@nic__carter) October 10, 2021
Cruz’s comments on Bitcoin mining have been very revealing and are a great advertisement for Bitcoin, which is often accused of being a massive energy consumer.