While debates continue about the importance of digital assets, the crypto ecosystem continues to expand. It is even expanding so well that it is being integrated into the politics of the United States at astonishing speed. If criticism remains in order, certain politicians like Ted Cruz remain convinced of the major advantages of bitcoin mining.
In short :
- Texas experienced its second hottest summer on record due to energy crisis
- Ted Cruz supports crypto mining despite ecological challenges and incessant criticism
- Crypto mining companies see boom as price of flagship crypto struggles to break $26,000 mark
Ted Cruz says bitcoin mining is key to conserving energy resources
Many political actors around the world see cryptocurrencies as assets without any real value. But this is not the case for everyone, notably Ted Cruz who has an opinion that goes against that of his counterparts.
Indeed, bitcoin mining farms are often at the center of many debates. However, where some judge them harshly, Cruz, for his part, think that this activity could be a considerable asset for strengthening the resilience of the energy network.
If this statement seems to convince supporters of bitcoin (BTC), it must be admitted that its release does not come at the right time. His support for bitcoin mining is a good thing for cryptos. However, this could backfire, since Texas is not in good shape when it comes to energy.
The state recently recorded one of the hottest summers on record as the energy crisis deepens. Nevertheless, Ted Cruz and many BTC advocates firmly believe in the potential of bitcoin ming.
When cryptos position themselves on the markets
The energy crisis is raging in Texas. According to the data, this is increasing due to the high consumption of electrical energy. Faced with the situation, many bitcoin mining farms have had to scale back their activities. Among others, Marathon Digital Holdings and Riot Platforms.
Despite everything, the mining company is doing rather well, since its turnover is booming with an advantageous average cost. Additionally, politicians are gradually mainstreaming the flagship crypto, which is a big step forward. Currently, the stock prices of the largest mining companies are up around 250% in the first half of 2023. This performance greatly surpasses that of the price of BTC which continues its downward trend.
The problems linked to the risks of bitcoin mining still have many days ahead of them. However, instead of seeing only that, Ted Cruz is convinced of its merits. According to him, mining machines could turn into energy reservoirs, since they turn off quickly. And this energy could be used in homes and hospitals.
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