Texas rep Pete Sessions endorses BTC mining that can bring US Energy independence while the sector is exploding in the state. This is mainly because politicians like Sessions are courting the mining firms so let’s read more in today’s latest bitcoin news.
Bitcoin mining companies are flocking to Texas and with the global fuel prices rising amid the war in Russia and Ukraine, things are getting even more complicated. The Texas rep Pete Sessions is why he wants to make the state a key component of the US energy policy. He tweeted that BTC mining will play a key role in rebuilding energy independence in the USA and his comments came three days after Senator Cynthia Lummis noted that BTC is aligned with American values and can only make the dollar stronger.
Indeed. https://t.co/XVAtHrtCbV
— Cynthia Lummis
(@CynthiaMLummis) March 21, 2022
His state was once in symbiosis with oil and now is the epicenter of a BTC mining boom. According to the data from 2021, Texas provides the fourth biggest hashrate of any state with up to 14%. however, the influence in the state is higher than the figure given the huge mining facilities that started popping up in the past year or are in the works. For example, Argo purchased 300+ acres in West Texas last year while Foundry partnered with solar companies in the state. The Coin Metrics co-founder Nic Carter noted that Texas is a perfect zone for bitcoin mining because of supportive policymakers and the energy infrastructure of the state.
Sessions are not the only politician to hail BTC. For example, Senator Ted Cruz has been aligning himself with crypto while governor Greg Abbott sees BTC mining as a way to stabilize the deregulated power grid while taking advantage of the stories of untapped energy like natural gas which can be burned but not transported. It has the biggest net capacity of any state with 65% more than California which comes in second. The lawmakers also want to use the capacity to brign In more money from crypto firms.
Texas is such a goldilocks zone for bitcoin mining it’s unreal.
– Supportive policymakers
– Energy DNA
– Most deregulated market, cheap power
– Islanded grid, has to buy lots of ancillaries
– Most renewable grid, most negative pricing events— dark nic (@nic__carter) March 19, 2022
Texas has the perfect opportunity to pitch its sales beyond BTC mining firms and started courting to a larger public while still forming an opinion on crypto. The sanctions and the voluntary pullouts from companies that want to decrease their exposure helped to push energy prices upward while re-igniting the calls for the US to become energy independent. There’s no need to worry about the consequences of sanctioning Russia if the US doesn’t need the energy that it provides.
