U.S. Senator Ted Cruz has stated that the United States should utilize Texas’ natural energy for mining Bitcoin instead of flaring it.
While speaking at the Texas Blockchain Summit last week, Senator Ted Cruz believes that flaring natural gas is injurious to the environment and not a good economic move. However, using it to mine Bitcoin will prove productive.
“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,” said Cruz.
Cruz added that underutilized renewable energy across the globe can be channelled into Bitcoin mining.
“There are a lot of places on Earth where the sun shines a lot, and the wind blows a lot, but there aren’t any power lines, and it’s not economically feasible to use that energy.”
In the last 24 hours, bitcoin is up by 2.62%, with a current price of $56,435.34 as at the time of writing this. Within 24 hours, bitcoin dropped to $57,000 low and $54,400 high. The trading volume of bitcoin in the last 24 hours is $1.10B. The current market capitalization of bitcoin is $1.06T. Currently, $18.84M bitcoins is in circulation.
Stats and Image from Coin Desk
The energy consumption of Bitcoin mining has generated a lot of arguments. Bitcoin is said to consume energy more than some countries.
Miners are looking for alternative energy, especially renewable energy, to mine Bitcoin. El Salvadoran government, for example, announced that it is using volcanic energy to mine Bitcoin for the country.