Texas Senator Ted Cruz thinks Texas’ energy and its affordable cost, is a huge opportunity for Bitcoin, as he explained further during the Blockchain Summit last week so let’s read more in our latest Bitcoin news.
Senator Cruz believes that the state could make use of the abundant energy resources while Bitcoin remains rife with environmental issues. Ted Cruz thinks that the abundant energy resources are a huge opportunity for bitcoin as he told Jimmy Song at the end of the summit last week:
“Fifty percent of the natural gas in this country that is flared, is being flared in the Permian right now in West Texas. I think that is an enormous opportunity for Bitcoin because that’s energy that is just being wasted.”
The Permian Basin is the oil and gas-rich region in the southwestern part of the US and the portions of the Basin are both in New Mexico and Texas. Cruz continued:
“A lot of the discussion around Bitcoin views Bitcoin as a consumer of energy. The perspective I’m suggesting is very much the reverse, which is as a way to strengthen our energy infrastructure.”
There’s no surprise that a lot of the discussion around BTC focuses on the crypto’s energy consumption as we saw these past few days that the biggest cryptocurrency by market cap consumes more energy than most of the world’s countries. Cruz believes that Texas could get to a point where it uses BTC to offset huge amounts of the energy the state currently wastes. The facts are that BTC consumers over 100 terawatt-hours of electricity per year which means that if BTC was a country, it would be among the top 30 countries in the world by energy consumption.
Whether this level of consumption is bad for the environment, hinges on what percentage of the energy comes from nonrenewable sources of energy such as natural gas and coal. A group of BTC miners released a report that claimed over 50% of BTC mining came from renewable sources of energy but teh report findings were questioned. On the other hand, Cambridge University suggests only 39% of the BTC network is powered by renewable energy which means that if you factor the amount of energy consumed by non-renewable resources, BTC emits the same amount of gas as 48 billion pounds of burned coal.
As per the research published by Digiconomist founder Alex de Vries, BTC’s reliance on BTC mining machines that have a short shelf life is only contributing to the high volume of e-waste.
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