Texas Senator Ted Cruz: Bitcoin improves global economy and environment
A U.S. senator, amid the global persecution of traditional PoW mining, believes that Bitcoin increases the standard of living of society, and it is good for the environment.
U.S. Republican Rep. Ted Cruz said during a speech at the Texas Blockchain Summit that bitcoin mining provides a thriving society, which, in turn, benefits the environment.
“If you look at the environment, pollution is directly related to poverty. The poorer the society, the dirtier the energy it produces. If you drive a brand-new Tesla, that’s great for the environment. But if you don’t have the money to afford it, you can’t help the environment,” the Republican congressman explains.
According to the speaker, even the Texas Blockchain Summit in Austin, which brought together many entrepreneurs, contributes to environmental protection. Because the assembled businessmen can increase the standard of living and, consequently, the environmental situation in the world Ted Cruz insists that crypto-assets mining is good for the environment, as it stimulates the production of renewable energy and uses the energy that would otherwise be unclaimed:
“Cryptocurrency is a net positive for the environment. Being able to unlock a lot of renewable sources is really important for the environment. I think being able to take an abandoned source of natural gas and use it for production is a big plus for the environment.”
The Republican senator argues that bitcoin mining helps regulate and optimize the distribution of electricity. The ability of bitcoin miners to quickly turn equipment on and off is invaluable when there is a shortage or overabundance of power. When power production capacity drops, there is the ability to instantly move the surplus to a consumer in need, the congressman insists.
The U.S. House Energy and Commerce Committee recently began studying the impact of large-scale mining companies on energy and the climate.