Republican U.S. Senator for Texas, Ted Cruz, said that Bitcoin mining can help stabilise the power grid during extreme weather events.
“I strongly believe in Bitcoin mining and cryptocurrencies,” the politician said.
According to him, mining facilities for digital assets can be easily shut down when needed. They then become ’emergency energy reservoirs’ for heating or cooling homes.
“Texas is a hub for work, innovation and freedom, which makes it a natural oasis for Bitcoin mining,” Cruz added.
In August, Riot Platforms received $31.6 million in credits for reducing consumption and for selling electricity purchased under a fixed tariff back into the grid at market prices.
In a month the company mined 333 BTC, down 19% from July’s figure (410 BTC). Riot’s CEO Jason Les noted that payments from the energy operator in August were equivalent to about 1,136 BTC. He called this ‘a demonstration of the benefits’ of the company’s energy-market policy.
In February 2022, Cruz disclosed investments in Bitcoin ranging from $15,001 to $50,000.
In April 2023, he described the launch of CBDC dangerous for society.