During Friday’s summit on blockchain in Texas, Senator Cruz said that the mining of Bitcoin could be used to monetize the energy generated by the extraction of oil and gas rather than to burn it, and argued that there was “A huge opportunity for BTC and the opportunity to capture this gas instead of wasting it.”
Natural gas for BTC mining
According to the transcript of the interview shared on social networks by the founder of Coin Metrics Nic Carter Cruz noted that half of the natural gas ignited in the country is currently burned in West Texas.
“It’s a waste because there is no transportation facility to get the natural gas where it can be used the way it would normally be used.”
“Use this power to mine Bitcoin. Part of the beauty of this is that the moment you do it, you will help the environment immensely, because instead of burning natural gas, you will use it for productive use. “
Cruz emphasized the ability to reflexively mobilize BTC mining in response to fluctuating energy supplies, saying that energy could be returned to the grid immediately in the event of a sudden outage or lack of energy.
“In five years, I expect dramatically different terrain, with BTC mining playing a significant role in strengthening the network’s resilience.”
Cruz noted that Bitcoin can be used to capture unused energy around the world, arguing:
“The beauty of BTC mining is that if you can connect to the Internet, you can use that energy and get value from these renewables in a way that would not otherwise be possible.”
Cruz is not alone in believing that BTC mining could offer an efficient way to obtain renewable energy, with Salvador recently announcing plans for a state-sponsored volcanic BTC mining project.
BTC mining became a key industry for the state of Texas after China’s May crackdown on BTC mining companies. Many miners relocated to Texas for its cheap and abundant renewables, while others looked to Kazakhstan, Norway and Canada to gain access to cheap green electricity.