Ted Cruz Says He Is a ‘Big Believer’ In Bitcoin Mining
The Texas Bitcoin mining industry is lucky to have the backing of Sen. Ted Cruz.
Cruz, who announced his withdrawal from the Republican presidential race in February, was on Fox News Radio this week touting the benefits Bitcoin mining is bringing to the lone star state.
Referring to how Bitcoin can help energy grids during batches of extreme weather, Cruz stated “I am a big believer in Bitcoin mining and cryptocurrency.”
“Bitcoin mining can enhance the resiliency of the grid,” the senator continued, explaining how machines can easily power down in “times of crisis,” becoming “emergency reservoirs of power.”
Texas is going through a bout of inclement weather at the moment. Recording its second hottest summer on record, the state’s local grid—which supplies power to 25 million Texans, roughly 90% of the state—was forced to implement emergency measures.
These measures meant Bitcoin miners needed to curtail their energy consumption, generating millions of dollars in revenue to some mining companies due to how their power purchase agreements with the utility function.
Cruz added that while Bitcoin mining itself creates a lot of value, in times of dire weather conditions, these machines can be shut off “in seconds.” He said that this can “free up energy for hospitals and to heat people’s homes,” staunchly defending the industry.
He went on to tweet: “Texas is a hub for jobs, innovation, and freedom,” concluding that the state is “a natural oasis for Bitcoin mining.”
“Senator Cruz is very on point with Bitcoin,” said Dennis Porter, co-founder and CEO of the Satoshi Act Fund, a non-profit that advocates for positive policymaking with regards to Bitcoin mining.
Porter told Decrypt that although he doesn’t always agree with Cruz, nor do many of his pro-Bitcoin circle on the left, they “like his stance on Bitcoin.”
A Texas senator since 2013, Cruz has announced he will be running for senatorial re-election next year.
Politicians from both sides of the U.S. aisle have been slowly warming up to Bitcoin and digital assets.
Several Republican presidential hopefuls have openly endorsed some form of cryptocurrency, whether through legislative processes or by calling out SEC chairman Gary Gensler. These include Florida Governor Ron DeSantis, entrepreneur Vivek Ramaswamy, and Senator Tim Scott of South Carolina.
Democrats might be a bit leery when it comes to openly expressing support for crypto, but there are some notable backers. One example is the Senator from New York, Kirsten Gillibrand, who co-sponsored a bill with Republican Senator Cynthis Lummis that would establish clear-cut crypto regulations.
Porter explained that he is “excited to see the number of pro-BTC presidential candidates because it shows just how much the space has grown.”
The policy advocate told Decrypt that “smart politicians have noticed that Bitcoin is a winning issue,” concluding that these politicians “can attract a new type of voter and donor by aligning with Bitcoin and ensuring the USA leads on this technology.”
There are staunch detractors in Washington D.C., however. Notably, Senator Elizabeth Warren leads the charge, along with Senator Brad Sherman from California, both Democrats. Republican Senator Roger Marshall has also been tagged as a member of the “Anti-Crypto Army,” calling it a “national security threat.”