Texas Senator Ted Cruz Throws Weight Behind Bitcoin Mining Industry – Here’s What You Need to Know

Senator Ted Cruz of Texas has once again voiced support for the Bitcoin (BTC) mining industry, highlighting its potential benefits during times of extreme weather conditions. 

In an interview on Fox News Radio, Cruz expressed his belief in Bitcoin mining, claiming that it enhances the resiliency of the energy grid.

Related articles

No, Russia did not just lift its ban on domestic crypto use

30 July 2024

New US Bitcoin Mining Hardware Creates $20B Opportunity, Could Disrupt China’s Mining Dominance: Bernstein – Canaan (NASDAQ:CAN)

30 July 2024

Citing the recent challenges faced by the Texas power grid due to inclement weather, Cruz explained that Bitcoin mining operations can easily power down in times of crisis, effectively serving as emergency reservoirs of power. 

These measures can free up energy for essential services such as hospitals and heating homes. 

The senator defended the industry, asserting that Bitcoin mining creates value while also providing a solution to energy supply challenges.

ADVERTISEMENT

“Texas is a hub for jobs, innovation, and freedom—making it the natural oasis for Bitcoin mining,” he said in a recent tweet. 

“These operations can improve our grid resiliency since they can shut off during inclement weather and free up electricity to heat or cool homes.”

In late June, Bitcoin miners in Texas halted operations after a heat wave and subsequent surge in electricity prices put the state’s power grid under pressure. 

The pause in mining operations in Texas came as the state has been struggling with an unrelenting heat wave for the past two weeks, which has also put unprecedented pressure on the power grid.

Crypto Sees Growing Support From US Politicians

Politicians from both the Republican and Democratic parties have shown varying degrees of support for cryptocurrencies.

Several Republican figures, including Florida Governor Ron DeSantis, entrepreneur Vivek Ramaswamy, and Senator Tim Scott of South Carolina, have voiced their support for cryptocurrencies either through legislative initiatives or by challenging regulatory measures.

In his May 24 presidential bid announcement on Twitter, DeSantis said he would “protect” Bitcoin. “As president, we’ll protect the ability to do things like Bitcoin,” said DeSantis. 

He added “there’s risks involved with it,” but the people interested in the cryptocurrency “are sophisticated” and “can make decisions.”

Likewise, Ramaswamy has been actively advocating for a stronger crypto environment in the United States. 

At the recent Bitcoin 2023 conference in Miami, he also announced that his campaign would accept Bitcoin contributions.

During the event, Ramaswamy unveiled a QR code that directed attendees to a donation portal offering various contribution avenues. 

Although Democrats have been more cautious in openly supporting cryptocurrencies, there are notable backers within the party. 

Senator Kirsten Gillibrand of New York, for instance, co-sponsored a bill with Republican Senator Cynthia Lummis to establish clear-cut crypto regulations. 

Robert F. Kennedy Jr., who became the first US presidential contender to embrace cryptocurrency contributions, is another Democrat backing the nascent crypto sector. 

“Bitcoin is not only a bulwark against totalitarianism and the manipulation of our money supply, it points the way toward a future in which government institutions are more transparent and more democratic,” Kennedy said in a June tweet.