Texas is attracting lots of new bitcoin mining businesses. As a result of Russia’s conflict against Ukraine, global gasoline prices have soared. Texas Bitcoin mining, according to Rep. Pete Sessions, should be a crucial component of US energy strategy.
Here is the most recent Washington, D.C. legislator to publicly support Bitcoin: Rep. Pete Sessions of Waco, Texas, is a 12-term Republican congressman.
“Bitcoin mining will play a critical role in rebuilding energy independence in the USA.” Rep. Sessions tweeted today. His brief message comes only three days after Sessions tweeted, echoing Senator Cynthia Lummis (R-WY), that “Bitcoin is aligned with American values and will strengthen the dollar.”
Sessions should be aware. His state, which was previously synonymous with oil, is now at the center of a Bitcoin mining boom. Texas has the fourth-highest hashrate of any state, at 14%, according to statistics from autumn 2021.
However, considering the big mining facilities that have either begun to appear in the last year or are in the planning stages, Texas’ influence is likely to be substantially greater than that amount. Argo, for example, bought 300+ acres in West Texas this spring, while Foundry is working with or acquiring solar and hydropower companies in the state.
Nic Carter, co-founder of Coin Metrics, tweeted over the weekend about “supportive policymakers” and the state’s energy infrastructure:
“Texas is such a goldilocks zone for bitcoin mining it’s unreal,”
Sessions is hardly the only Texas politician who has praised Bitcoin. Senator Ted Cruz has been increasingly aligned with cryptocurrency, while Governor Greg Abbott sees Bitcoin mining as a way to stabilize the state’s largely deregulated power grid while tapping into the state’s vast reserves of untapped energy, including natural gas that can be burned but not transported. Texas also boasts an abundance of wind and solar energy.
According to the US Energy Information Administration, it has by far the most net (summer) capacity of any state, with 65% more than second-place California. And its politicians want to exploit that capacity to attract funds from cryptocurrency startups.
Carter tweeted:
“It’s a wonder that there’s mining anywhere else. Texas is just unreal in terms of mining suitability.”
Texas now has an excellent chance to fine-tune its sales pitch beyond the Bitcoin mining corporations it has been wooing to a bigger audience that is still formulating an opinion on cryptocurrencies.
Following Russia’s invasion of Ukraine, the United States and its Western allies imposed severe sanctions on the nation. However, there is a little issue: Russia is believed to supply 8% of the world’s oil.
As a result of such sanctions, as well as voluntary pullouts by corporations seeking to reduce their exposure to public backlash or unintentional sanctions violations, energy costs have risen, while Republican calls for the United States to become energy independent have resurfaced.
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