Cruz grid says bitcoin mining can

He made this suggestion while speaking during the Texas Blockchain Summit on October 8. The state currently flares the natural gas obtained from extracting oil and gas. He disclosed t that half of the natural gas flared in the US is currently being burned in West Texas. Senator Cruz further noted that the energy goes to waste because the state lacks transmission equipment to transfer natural gas to industries that can use it. He proposed using an on-site generator to mine BTC instead of having to transmit natural gas. He pointed out that such an endeavor would play a notable role in helping the environment, seeing as using the gas is more eco-friendly than flaring it.

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WATCH RELATED VIDEO: What is Bitcoin Mining? (In Plain English)

Bitcoin miners keep coming to Texas. No one knows how the fragile electric grid will be affected.

From T exas Standard:. China is largely getting out of the Bitcoin mining business. Some Texas leaders have suggested the Lone Star State might be a good alternative location but Jake Dean reports for Slate that the required energy consumption ought to be a deterrent. Bitcoin mining basically involves using computers to solve very complex problems to ensure the security of the cryptocurrency.

Former Gov. Rick Perry and U. Ted Cruz are among the Texans who have touted the job opportunities Bitcoin mining could bring to the state. Search Query Show Search. KUTX Music. Show Search Search Query. Play Live Radio.

Next Up:. Available On Air Stations. All Streams. KUT Facebook Twitter LinkedIn Email. Gabriel C. From T exas Standard: China is largely getting out of the Bitcoin mining business. Tags Texas Standard Energy Technology. Laura Rice. Laura first joined the KUT team in April She now works for the statewide program Texas Standard as a reporter and producer.

Laura came to KUT from the world of television news. Laura is a proud graduate of the University of Missouri-Columbia, a triathlete and enjoys travel, film and a good beer. She enjoys spending time with her husband and pets.

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Ted Cruz, Greg Abbott, and the Magical Thinking About Bitcoin’s Ability to Fix Texas’ Grid

The Texas power grid might be able to handle increased demand in electricity from cryptocurrency mining, an expert explains. Cryptocurrency is decentralized, encrypted, digital money, explains Josh Rhodes, a research associate at the Webber Energy Group at the University of Texas at Austin who has been a consultant for bitcoin mining companies throughout the state. Cryptocurrency is typically created through a process called mining, which involves computers solving ever increasingly complex math problems. Whatever bit of the problem is solved, some of the cryptocurrency is made, Rhodes explains.

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

Congress Is Trying To Figure Out What To Do About Crypto's Colossal Carbon Footprint

Crypto miners with more than double the power demand of Austin are descending on the anti-regulation state. Bloomberg -- Texas, already home to the most vulnerable power grid in the U. An army of cryptocurrency miners heading to the state for its cheap power and laissez-faire regulation is forecast to send demand soaring by as much as 5, megawatts over the next two years. The crypto migration to Texas has been building for months, but the sheer volume of power those miners will need — two times more than the capital city of almost 1 million people consumed in all of — is only now becoming clear. The boom comes as the electrical system is already under strain from an expanding population and robust economy. Catastrophic blackouts in February plunged millions into darkness for days, and, ultimately, led to at least deaths. Proponents like Senator Ted Cruz and Governor Greg Abbott, both Republicans, say crypto miners are ultimately good for the grid, since they say the miners can soak up excess clean power and, when needed, can voluntarily throttle back in seconds to help avert blackouts. Texas is rolling out the red carpet for crypto miners as onetime leader China has banned the industry. Miners setting up shop in the Lone Star State can often count on a year tax abatement, sales tax credits and workforce training from the state, depending on where they are located and how many jobs they add. Right now, Ercot has somewhere between and 1, megawatts of mining capacity, out of about 2, nationwide.

Ted Cruz Says Texas Should Use Bitcoin To Solve Its Power Grid Issues

cruz grid says bitcoin mining can

After Gov. Greg Abbott inaccurately blamed wind turbines for the frigid blackout, Ted talks about wind power and more in an episode of his Verdict podcast-thing. I answer that question and more in an all- Mailbag episode of Verdict with michaeljknowles. These flexible buyers are bitcoin miners.

After criticism from environmental agencies, bitcoin miners have started helping the Texas power grid to stabilise. After the ban on bitcoin mining by China, low cost and abundant energy in Texas moved the world capital of bitcoin mining to Houston.

Ted Cruz Says Bitcoin Mining Can Fix Texas' Crumbling Electric Grid ( 141

Portfolio Markets News Hot Airdrops. Those issues were laid bare this past winter when a storm put the state in a deep freeze, causing blackouts for millions and killing hundreds of people. In a fireside chat at the Texas Blockchain Summit on Oct. Bitcoin mines, which typically consist of rooms full of specialized computers that churn numbers all day in search of the answer to a puzzle that creates the next block on the blockchain, are notorious for their energy use. But in the event that the grid is being overburdened, these mines are essentially industrial energy consumers that can shut down instantaneously, freeing up additional grid space for the heating and cooling of homes, hospitals, and other critical infrastructure.

Ted Cruz says bitcoin will stabilize Texas electric grid—here’s why he’s wrong

Google already provides services to blockchain companies such as Dapper Labs. It will be hiring experts to win more business in the emerging category. The Diem Association, which oversees development of the Diem digital currency, is considering a sale of its assets, according to a Bloomberg report. Price dips in bitcoin and ethereum may offer some investors a chance to jump into cryptocurrencies. The U.

Texas, already home to the most vulnerable power grid in the U.S., is about to be hit by a surge in demand for electricity that's twice the.

These problems were laid bare last winter when a storm froze the state, causing power outages for millions and killing hundreds. In a fireside conversation at the Texas Blockchain Summit on October 8, the Republican Senator expressed his faith that the massive construction of crypto mines in Lone Star State could add additional energy capacity to the state grid in the event of blackouts or power shortages. Bitcoin mines, which usually consist of rooms filled with specialized computers that shuffle numbers all day in search of the answer to a puzzle that creates the next block on the blockchain, are notorious for their consumption of money.

Read more of this story at Slashdot. News for nerds, stuff that matters. After being told twice to "just keep delivering," the driver was eventually instructed to shelter in place "for minutes, then continue as normal. The driver, expressing that a delivery van wouldn't provide much safety, said she wanted to return to base. But I can tell you it won't be viewed as for your own safety.

From T exas Standard:. China is largely getting out of the Bitcoin mining business.

Republican Sen. Ted Cruz agrees. Having too much power and not enough buyers is just as bad as everyone wanting to fire up their AC units on the same day in July. Maintaining that balance has proven to be a real challenge this year, and Texans are feeling it. The price of power per hour is all over the place, routinely going negative. Rolling blackouts at moments of peak power consumption no longer come as a surprise. A lot of people lost faith in the grid altogether after a winter storm earlier this year resulted in a multi-system meltdown that "was within minutes of a much more serious and potentially complete blackout.

Last week, at the Texas Blockchain Summit, Senator Cruz said Bitcoin mining could be used to monetize the energy created during the extraction of oil and natural gas. During the conference , Ted Cruz pointed out that half of the burning of natural gas in the United States occurs in West Texas:. So why not use this energy to mine Bitcoin. The beauty is that such a solution would help the environment, because instead of wasting natural gas it would be used productively.

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  1. Abdul

    Yes, I understand you.

  2. Mayfield

    I thought and moved away the idea

  3. Isaiah