In a significant show of support for the Bitcoin mining industry, Senator Ted Cruz of Texas expressed his enthusiasm for the role Bitcoin mining plays in bolstering the resilience of his state’s power grid. Appearing on Fox News Radio, Senator Cruz asserted that Bitcoin mining is a positive force for the Lone Star State, especially during challenging times for its energy infrastructure.
Cruz, who had previously withdrawn from the Republican presidential race in February, highlighted the value Bitcoin mining brings to Texas. He emphasized that Bitcoin mining can serve as a crucial asset during extreme weather events by enhancing the stability of energy grids.
“I am a big believer in Bitcoin mining and cryptocurrency,” Senator Cruz stated during the interview. He explained how Bitcoin mining operations can swiftly reduce their energy consumption in times of crisis, effectively serving as “emergency reservoirs of power.”
Texas is currently grappling with adverse weather conditions, marked by its second hottest summer on record. The state’s energy grid, which serves approximately 25 million Texans, faced the necessity of implementing emergency measures. This situation forced Bitcoin miners to curtail their energy usage, leading to substantial revenue gains for some mining companies due to their power purchase agreements with utility providers.
Cruz emphasized that while Bitcoin mining generates substantial value in ordinary circumstances, its ability to quickly and efficiently scale down during emergencies can free up essential energy resources for hospitals and residential heating, further underscoring the industry’s importance.
The senator took to Twitter to reiterate his support for Bitcoin mining, describing Texas as a hub for jobs, innovation, and freedom, and a natural oasis for Bitcoin mining.
Dennis Porter, co-founder and CEO of the Satoshi Act Fund, a nonprofit advocating for positive Bitcoin mining policymaking, praised Senator Cruz’s stance on Bitcoin. Porter acknowledged that while there might be disagreements with Cruz on other issues, his support for Bitcoin resonated with pro-Bitcoin circles.
Senator Cruz, who has been in office since 2013, recently announced his candidacy for re-election in the coming year.
This development is part of a larger trend where politicians from both sides of the political spectrum in the United States are increasingly warming up to Bitcoin and digital assets. Several Republican presidential hopefuls, including Florida Governor Ron DeSantis, entrepreneur Vivek Ramaswamy, and Senator Tim Scott of South Carolina, have shown support for cryptocurrency in various forms.
On the Democratic side, there are also backers of cryptocurrency, such as Senator Kirsten Gillibrand of New York, who co-sponsored a bill with Republican Senator Cynthia Lummis aimed at establishing clear regulatory guidelines for cryptocurrencies.
This growing support for Bitcoin among politicians indicates the expanding influence and importance of the cryptocurrency space in the United States, attracting a new category of voters and donors who align with its principles. However, there are also notable detractors, such as Senator Elizabeth Warren, who has expressed concerns about cryptocurrency as a potential national security threat.