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Texas Congressman Endorses Bitcoin Mining for US ‘Energy Independence’

Texas Congressman Endorses Bitcoin Mining for US ‘Energy Independence’

22 March 2022 01:10, UTC

Studying time: ~3 m

Here is the newest Washington, D.C. politician to publicly embrace Bitcoin: Rep. Pete Periods, a 12-term Republican congressman from Waco, Texas.

Rep. Periods in the present day tweeted, “Bitcoin mining will play a essential function in rebuilding vitality independence within the USA.” His mini-missive comes three days after Periods tweeted, in language that mirrors Senator Cynthia Lummis (R-WY), “Bitcoin is aligned with American values and can strengthen the greenback.”

Periods ought to know. His state, as soon as synonymous with oil, is the epicenter of a Bitcoin mining increase. Based on knowledge from fall 2021, Texas gives the fourth-highest hashrate of any state, with 14%. (Hashrate is a measure of how a lot energy is being equipped to the Bitcoin community.)

However Texas’ affect is probably going even larger than that determine, given the massive mining amenities which have both begun popping up up to now yr or are within the works. For instance, Argo bought 300+ acres in West Texas final spring, whereas Foundry is partnering with or gobbling up photo voltaic and hydroelectric companies within the state.


— Cynthia Lummis 🦬 (@CynthiaMLummis) March 21, 2022

Why the Lone Star State? 

“Texas is such a goldilocks zone for bitcoin mining it’s unreal,” tweeted Coin Metrics co-founder Nic Carter over the weekend, citing “supportive policymakers” and the state’s vitality infrastructure.

Periods is way from the one Texas politician to hail Bitcoin. Senator Ted Cruz has been more and more aligning himself with cryptocurrency, whereas Governor Greg Abbott sees Bitcoin mining as a approach to stabilize the state’s largely deregulated energy grid whereas profiting from its giant shops of untapped vitality, together with pure fuel that may be burned however not transported. Texas additionally has loads of wind and solar energy to go round.

Texas is such a goldilocks zone for bitcoin mining it’s unreal.

– Supportive policymakers
– Power DNA
– Most deregulated market, low cost energy
– Islanded grid, has to purchase a lot of ancillaries
– Most renewable grid, most unfavorable pricing occasions

— darkish nic (@nic__carter) March 19, 2022

In all, it has by far the biggest internet (summer season) capability of any state with 65% greater than #2 California, in keeping with the U.S. Power Info Administration. And its lawmakers need to use that capability to herald cash from crypto companies.

“It’s a surprise that there’s mining anyplace else,” tweeted Carter. “Texas is simply unreal when it comes to mining suitability.”

Texas now has the proper alternative to hone its gross sales pitch past the Bitcoin mining companies it has been courting to a bigger public that’s nonetheless forming an opinion on cryptocurrency. After Russia invaded Ukraine, the U.S. and allied Western nations levied crippling sanctions towards the nation. Slight downside, although: Russia provides an estimated 8% of the world’s oil.

Texas Governor Greg Abbott Is Inviting Bitcoin Miners to Stabilize Electrical Grid

Subsequently, these sanctions, plus voluntary pullouts from corporations seeking to lower their publicity to public blowback or inadvertent sanctions violations, has helped push vitality costs upward whereas re-igniting Republican requires the U.S. to turn into vitality impartial. 

On this line of pondering, there is no want to fret in regards to the penalties of sanctioning Russia if the U.S. does not want the vitality it gives (although it could actually nonetheless be hit with larger costs on imports from nations that do).

Periods clearly aligns with this view. And he, together with a rising group of Texas pols, is pushing his state to get it completed.

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