CrypLogger.com
  • Home
  • Exclusive
  • Learn About Coins
  • Artificial Intelligence
  • Special Projects
  • News
  • Opinions
  • Current Prices
No Result
View All Result
  • Home
  • Exclusive
  • Learn About Coins
  • Artificial Intelligence
  • Special Projects
  • News
  • Opinions
  • Current Prices
No Result
View All Result
CrypLogger
No Result
View All Result
Home Opinions

US congressman: mining will support the energy independence of the country

by Vaibhav
March 22, 2022
in Opinions
0
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Pete Sessions, a member of the U.S. House of Representatives from Texas, believes that bitcoin mining can play a “key role” in ensuring the country’s energy independence.

He was supported by a well-known supporter of the first cryptocurrency, Senator Cynthia Lummis.

Related articles

Robert Kiyosaki Predicted Bitcoin Growth to $500,000

Robert Kiyosaki recommended buying bitcoin before the “crash landing”

March 15, 2023
The crypto community is worried about the collapse of banks

regulators let banks know that cryptocurrencies are toxic

March 14, 2023

indeed. https://t.co/XVAtHrtCbV

— Cynthia Lummis 🦬 (@CynthiaMLummis) March 21, 2022

The congressman did not specify how digital gold mining would contribute to the achievement of the stated goal. However, he is not the only state politician who has spoken out in support of the industry.

Senator Ted Cruz and Governor Greg Abbott notedthat mining brings in new jobs, taxes, and can also help stabilize the state’s largely deregulated power grid.

See also  Mike Novogratz called bitcoin insurance against ineffective actions of the authorities

In August 2021, the US took the lead in the share of bitcoin hashrate after the ban on the industry in China. As of October, Texas ranked fourth among the states in terms of computing power in the network of the first cryptocurrency with a figure of 14%.

Castle Island Ventures partner Nick Carter explained why the region attracts miners.

“Texas is so “habitable zone” for bitcoin mining, which is simply unrealistic,” he said.

Texas is such a goldilocks zone for bitcoin mining it’s unreal.

— Supportive policy makers
— 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

In his opinion, this is facilitated by:

  • political support;
  • the state’s energy-producing traditions;
  • deregulated market and cheap energy;
  • “island” power grid and the need for auxiliary systems;
  • focus on renewable sources;
  • excess power capacities;
  • favorable attitude of regulators.
See also  Jihan Wu: the cryptocurrency market will grow to "tens of trillions of dollars"

In an article for Mining Week presentations he explained how mining can contribute to US energy independence. Carter recalled that the bitcoin network consumes about 15 GW. In the next year or two, the country’s miners are ready to add another 20-30 GW.

This means not only potential investments in generation, but also the opportunity to increase the economic sustainability of solar and wind farms. Since mining is an “interruptible” process, the industry is able to balance the consumption of green energy, Carter noted.

See also  Michael Saylor: Bitcoin is the most reliable thing in an unstable world

Recall that in January, Iris Energy announced an increase in its mining capacity in Texas to 600 MW.

Compute North has raised $385 million to build data centers for cryptocurrency mining in the US, naming the state as one of the locations of the facilities.

Subscribe to the Cryplogger channel at YouTube.

Found a mistake in the text? Select it and press CTRL+ENTER

Share76Tweet48

Related Posts

Robert Kiyosaki Predicted Bitcoin Growth to $500,000

Robert Kiyosaki recommended buying bitcoin before the “crash landing”

by Vaibhav
March 15, 2023
0

Rich Dad Poor Dad bestselling author and entrepreneur Robert Kiyosaki has once again called for investing in gold, silver and...

The crypto community is worried about the collapse of banks

regulators let banks know that cryptocurrencies are toxic

by Vaibhav
March 14, 2023
0

Signature Bank resolved the outflow of deposits by the time the New York state regulator decided to close the financial...

The crypto community is worried about the collapse of banks

The crypto community is worried about the collapse of banks

by Vaibhav
March 13, 2023
0

The problems of three banks - Silvergate Bank, Signature Bank and Silicon Valley Bank (SVB) - have raised concerns among...

Bill Gates doubts the breakthrough potential of the metaverses

Bill Gates called AI the “most important” innovation of our time

by Vaibhav
March 12, 2023
0

Improvements in artificial intelligence are the "most important" innovation at the moment. This was stated by billionaire and founder of...

Steve Wozniak warned about “terrible mistakes” ChatGPT

Steve Wozniak warned about “terrible mistakes” ChatGPT

by Vaibhav
March 11, 2023
0

Apple co-founder Steve Wozniak advised caution about ChatGPT, developed by OpenAI. He stated this on the air of the TV...

Load More

Recent News

  • Judge Gives U.S. Attorneys Until October 3 To Solve Case Against Alex Mashinsky
  • Alphapo payment system hack valued at over $60M – ZachXBT
  • Avalanche Foundation allocates $50 million investment to purchase asset tokens on the network
  • Era Lend on zkSync used for $3.4 million replay attack
  • Abu Dhabi Regulator Grants Trading Firm Rain Permission to Offer Cryptocurrency Services
  • Flashbots Becomes a Unicorn in a $60M Round
  • FOMC Preview: What Bitcoin and Crypto Traders Should Prepare for
  • Game Developer Solana Automata Announces Massive Layoffs
  • Is Cardano TVL a Critical Factor for Reviving ADA Prices?
  • Elon Musk: X will cover half of the global financial system
  • Cryptocurrency-friendly Robinhood moves closer to UK with local CEO appointed
  • Ducati to launch NFT in partnership with XRP Ledger
  • Media: auditors did not find anything suspicious in the scandalous deal with FTX Europe
  • Elon Musk says X will offer ‘the entire financial world’ in the coming months
  • Journalists learned about the reduction of 30% of the staff of the KuCoin exchange
  • EraLend DeFi protocol hacked for $3.4 million
  • Era Land protocol lost $3.4 million in hack
  • The creator of Axie Infinity will develop a new game in collaboration with CyberKongz
  • Azimut Group refuses to pay BlackCat bitcoin ransomware
  • Media: Worldcoin fell under the sight of the UK regulator
  • Home
  • About Us
  • CCPA
  • Contact Us
  • DMCA
  • Privacy Policy
  • Terms of Use
Email: contact@cryplogger.com

© 2021-23 Cryplogger.com
CrypLogger is a cult magazine about bitcoin, blockchain technology and the digital economy. Every day we supply news and analytics on the cryptocurrency market since 2021.

No Result
View All Result
  • Home
  • Artificial Intelligence
  • Special Projects
  • News
  • Opinions

© 2021-23 Cryplogger.com
CrypLogger is a cult magazine about bitcoin, blockchain technology and the digital economy. Every day we supply news and analytics on the cryptocurrency market since 2021.

Go to mobile version