Texas Governor Greg Abbott is welcoming Bitcoin miners to his state, claiming that the new industry of digital asset mining could help stabilize the electricity grid which struggles to keep up with demand.
According to a report by Decrypt, Governor Abbott, alongside several other prominent Texas politicians including Senator Ted Cruz and Austin Mayor Steve Adler, are enticing Bitcoin miners to set up shop in the lone star state. The report claims the politicians hope that crypto miners will bring their lucrative industry and put pressure on power providers in the state to up their infrastructure, thereby improving the efficiency of the electricity grid.
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Residents of the Lone Star state have been critical of the handling of Texas’s electrical grid, which has struggled to meet demand during peak periods. The most glaring event occurred last winter, when power outages during an unexpected snow storm contributed to hundreds of deaths across the state.
Lee Bratcher, President of the Texas Blockchain Council, explained the benefits of bringing crypto mining to the state in an interview with Bloomberg:
It’s really a healthy dynamic that brings tax revenue, brings job creation and also is a grid strengthening mechanism.
Bratcher added that Governor Abbot had been very supportive of crypto mining and the 27 mining operations that currently operate within the state.
Speaking of Ted Cruz, who has been the junior United States senator for Texas since 2013, according to a report by Cointelegraph published earlier today, he is “putting his money where his mouth is.”
The report states that “according to a financial disclosure filed on Friday 4th Feb, Cruz bought between $15k and $50k worth of Bitcoin (BTC) on January 25th, using the River brokerage.” Note that this was at a time when $BTC was trading between $36K and $37K.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.