U.S. Senator Ted Cruz is touting bitcoin mining as a solution to natural gas wastage in Texas. Right now, many producers are flaring their excess production. Which means they simply burn their unsold gas because it's cheaper than storing it, which is obviously bad for the climate.
Interestingly, not only can the natural gas be used for bitcoin mining, but it is also healthier for the planet than flaring it. "This is a huge opportunity for bitcoin [...] to use that gas instead of wasting it," Ted Cruz said at the October 8 Texas Blockchain Summit.
During the event, Ted Cruz spoke about the tremendous waste of natural gas currently occurring in Texas. Texas, according to Cruz, accounts for half of all the natural gas currently being flared in the United States. "That gas is wasted because it's practically impossible to get it to a place where there is a demand for it," the senator said.
The beauty of bitcoin mining is that the equipment is very mobile. Should there be a temporary surplus of gas in a particular place, the mining equipment can be quickly transported there to convert those surpluses into capital. In this way, bitcoin can play an important role in keeping the energy sector afloat, which is crucial to the country.
"Within 5 years, I expect some major changes and I see bitcoin mining playing an important role in strengthening and hardening the resilience of the power grid," said Ted Cruz. Bitcoin mining can be deployed all over the world in places that normally lose a lot of energy. In that sense, it has the potential to act as a kind of battery for humanity.
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