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Using Bitcoin Mining to Catch Wasted Natural Gas

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Using Bitcoin Mining to Catch Wasted Natural Gas

Senator Ted Cruz says Bitcoin mining is good for siphoning off wasted renewable energy and the Texas power grid.

In view of the repression of China, the Bitcoin mining scene still has no reason to fall into paralysis. After all, there are more crypto-friendly countries, especially the USA. The US state of Texas in particular seems to be a suitable home for miners. Senator Ted Cruz believes that his country should use natural gas to mine Bitcoin (BTC) instead of torching it. 

In his speech at the Texas Blockchain Summit on Friday, Senator Cruz presented his plan, according to which Bitcoin mining could be used to monetize energy that is generated by oil and gas production and does not get into the normal electricity grid. He explicitly spoke of “enormous opportunities for Bitcoin to capture this gas instead of wasting it.”

Coin Metrics founder Nic Carter posted a transcript of Cruz’s lecture on Twitter . Accordingly, half of the natural gas flared in the country is currently burned in West Texas. Cruz makes three important theses. First, miners can produce off-grid by using the natural gas produced during oil production as an energy source, which would otherwise simply fizzle out.

Texas has a lot of renewable energies

Then the mining companies could participate in the demand management. They feed energy into the grid exactly when the population needs it most. Thirdly, the miners can prevent renewable energy from being silted up somewhere in the grid because it is currently in abundance. This concept is by no means new. Twitter founder Jack Dorsey has also thought about miners as a driver for renewable energies.

Texas holds a special position among the US states because of the cheap and abundant renewable energies. Other miners are trying their luck in Kazakhstan, Norway or Canada to get cheap green electricity. Due to the now but incipient success of the Bitcoin project in El Salvador you think there after a government-sponsored Bitcoin mining project that renewable energy is operated.

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