Ted Cruz is a ‘Big Believer’ In Bitcoin Mining

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Quote from: davis196 on September 11, 2023, 12:44:08 AM

Why Ted Cruz is talking about Bitcoin mining only? Wasn't altcoin mining more profitable than Bitcoin mining?

Since we're talking about politician, i expect he mention Bitcoin since it's most popular cryptocurrency where he aim to to gather support/vote. Besides, there aren't many popular PoW cryptocurrency these days.

Cruz talks about Bitcoin because it is logical coming from someone with his political ideology. Who is going to defend Bitcoin the most? Someone who believes that the state is the best guarantor of rights and freedoms, or someone like Cruz who believes that the best guarantor are self-organizing individuals? Like De Santis or Bukele. W

hat is paradoxical is someone from the Democratic Party defending Bitcoin, which was created precisely to escape the clutches of states and central banks.

Look at those who defend how bad Bitcoin mining is:

Bitcoin is next climate fight for Democrats

‘Just imagine the climate’: Bitcoin in crosshairs as Democrats target crypto mining in green energy push

Bitcoiners Protest Democrats’ ‘Misleading’ Letter Sent to EPA

raumonds

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Hmm, Ted Cruz's support for Bitcoin mining during a power grid crisis raises some eyebrows. While it might sound appealing to convert electricity to money, we need to carefully consider the strain on resources and the potential environmental impact. Let's not jump into the mining frenzy without a thorough analysis.

Outhue

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This makes me remember an old friend who lives in Texas, he encouraged me to start Bitcoin mining in 2017 and at the time I couldn't afford an Asic miner, he talked about how the place is so sunny that he is even making money from grid because he set up many solar panels for Bitcoin mining, I have never seen a bigger mining farm like his before, that will be my first time, we talked on video for months and he showed me around using his smartphone, but later I lost his contact.

I think that this Ted guy is somehow benefitting either from Bitcoin mining or the electricity consumption, it's just a hunch, nothing too serious.

There are so many miners in the US and that's why I don't want any strict laws on crypto mining in that country, because US citizens are playing a big part in crypto adoption and also Bitcoin mining too, I am sure that the country is one of the most crypto friendly, I mean the people not the government.

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Quote from: ImThour on September 10, 2023, 10:32:18 AM

Ted Cruz Says He Is a ‘Big Believer’ In Bitcoin Mining. Appearing on Fox News Radio, the Texas senator said Bitcoin mining is good for his state’s stressed power grid.

Source: https://decrypt.co/155694/ted-cruz-texas-senator-bitcoin-mining-dennis-porter-satoshi-act-fund

Texas is going through a bout of inclement weather at the moment. Recording its second hottest summer on record, the state’s local grid which supplies power to 25 million Texans, roughly 90% of the state was forced to implement emergency measures.

I think there's no harm of converting Electricity back to Money, what do you all think?

Good approach from his perspective, we need people like him to set up this current dispensational government setting in such a way that the larger numbers of the government officials and politicians will constitute the government decision in making them realizes the importance of bitcoin to this present generation, alot had already been said and published about bitcoin mining and the energy requirements together with being environmentally friendly, it's impact assessment among others, the government just want to use the incident of not welcoming bitcoin for adoption with their attack against it being energy demanding in it mining procedures while there are thousands of much energy consuming activities human engage on a daily basis, so we need more of people like Ted Cruz in the government settings to defend the cause of bitcoin adoption and mining.

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AFAIK, it was Texas that has backed mining so that statement of Ted has really something to pull with and has basis. In all of state, I think that it was Texas that's friendly to Bitcoin mining because their state even supports and does it.

I just hope that these statements and supports coming from Ted will result into many believers not just to mining but also Bitcoin itself.

It's going to break the stereotype about it that it consumes too much electricity and isn't green friendly.

davis196

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Why Ted Cruz is talking about Bitcoin mining only? Wasn't altcoin mining more profitable than Bitcoin mining?
From a neutral point of view, crypto mining is just the same. If doesn't matter if the miners are using their equipment to mine BTC or altcoins.
In times of peak solar energy production, the grid requires peak energy consumption as well. The crypto miners consume electricity for mining, but they also consume electricity for cooling down the mining equipment. The problem is that all this electricity is just wasted away(according to the crypto haters). Why not use that electricity for the producing actual goods instead of mining crypto? That's a valid question the crypto haters keep asking.
Anyway, this seems like yet another politician shilling for Bitcoin without any clear reason for him to do so.

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the reason top guys like the idea of mining is simple

when building new power generators for a populous they dont just build for current demand. they build for future demand capacity of 50-100 years. meaning sometimes 3x+ current population

but this comes at a 3x cost of current demand. so if they can bribe, incentivise big industry into the area to use the other unused 2x capacity then it keeps the costs low for the 1x demand currently existing.

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I don't know, maybe he's just one of the investors but nevertheless, this is good news for the people who want to invest in that state because they have such a supporting official with them. Maybe some of the Bitcoin miners will consider moving to that place after this statement by the senator. This will clear some doubts to those who are still confused about bitcoins and hopefully, he won't be getting backfired by the hostile groups.

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Bitcoin in Niger State💯

Aside from Ted Cruz, there are a more couple of USA politicians that are inclined with the crypto/Bitcoin technology. For example, Rep. Tom Emmer (R-Minnesota), Rep. Ritchie Torres (D-New York), Rep. French Hill (R-Arkansas), Rep. Ro Khanna (D-California), Sen. J.D. Vance (R-Ohio), Sen. Kirsten Gillibrand (D-New York), Rep. Patrick McHenry, (R-North Carolina) and couple of more are introducing the Bitcoin technology to the citizenry. Have in mind that the “D” and “R” in the brackets means Democrats and Republican political parties, respectively. Which also goes to say that the adoption of Bitcoin/cryptocurrencies is a cross-party thing and I am pretty sure that, with time, Bitcoin could be a legal tender in the USA if the numbers increase.

You can go through the article below to learn more about their contributions to the Bitcoin technology.

Source: https://www.coindesk.com/consensus-magazine/2023/01/25/crypto-policy-regulation-us-congress/

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Lol Not trying to be a bitcoin hater now but Texas is in no way in shape to suffer the heavy power stress that bitcoin mining could ensue. The fact that he's showed support would really just push people from across North America to Texas, which will literally hurt the people by making technology scarce and even more expensive, which in turn will literally force a pitch fork protest to drive bitcoin away from the state. I think bitcoin mining should be allowed, but at the same time should be regulated at the minimum until such a time when bitcoin mining could be supported without causing a huge power stress on their grid, or at least without any other cryptocurrency detriments. All good though.

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If Ted thinks BTC mining is the solution to the states issues, I think he knows what he's talking about. Texas needs it, it can afford it and the landmass would accommodate an energy plant to this effect.
Mining with its energy consumption has been a real issue, but with success from individuals who have tried other ways and energy alternatives to sustain their mining machines, I do feel now is the right time to do it the way Ted believes in.

El Salvador has made a success out of BTC mining, the western world is on the verge of adopting this new decentralized network and system that is part of a solution to world economic problem, everything is definitely in order and would work as planned should Ted Cruz go ahead with implementation of his BTC energy mining beliefs.

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Quote from: Faisal2202 on September 10, 2023, 12:33:26 PM

Quote from: Agbamoni on September 10, 2023, 10:58:42 AM

Ted Cruz seems to genuinely believe in Bitcoin, and it doesn't appear to be just a political move. Although we can't be entirely certain since we're not Ted Cruz, his actions suggest that he might consider making Texas more Bitcoin-friendly, especially with its many mining facilities.
.......

You are damn right, and that is 100% true also. Because behind every statement of a political leader or a celebrity, there is a catch, and it will be theirs too. They do not make statements about the benefits of others without any self-benefit. They first see if there is any profit for them in it or not, then they proceed. Well, coming back to the discussion

I think miners are not very happy in Texas, even if it is mining-friendly. because of the high hash rate and the price. I once read a news story shared by the CEO of Binance (CZ). It says Lebanon has the lowest cost to mine 1 BTC, which means it was a few hundred dollars. Well, the cost of electricity is high in the US and also in Texas. But besides this, that's a good and important point for the miner, but honestly, big miners do not give a fuc**k about such news.

At 5 cents for 1 kwatt a btc costs about 15k to mine
at 1 cent for 1 kwatt a btc costs about 3k to mine

for lebanon to charge hundreds of usd to mine 1 btc their power cost would be under .2 of one cent per kwatt.

my guess is lebanon charges more than .2 cents a kwatt.

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Quote from: Faisal2202 on September 10, 2023, 12:33:26 PM

I think miners are not very happy in Texas, even if it is mining-friendly. because of the high hash rate and the price. I once read a news story shared by the CEO of Binance (CZ). It says Lebanon has the lowest cost to mine 1 BTC, which means it was a few hundred dollars.

Your information is wrong because the miners are happy in Texas as they have better environment and faculties available in Texas then in Lebanon. Although, it's true that cost of electricity is much cheaper in Lebanon than Texas but still no one wants to mine Bitcoin in a country like Lebanon because their political system is unstable and is highly affected by corruption as compare to USA and the miners want a safe place for their mining operations. If a state's high status personalities are promoting Bitcoin mining then surely they are supportive with miners, and that's another reason for miners to continue their mining operations in Texas.

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Quote from: Faisal2202 on September 10, 2023, 12:33:26 PM

I think miners are not very happy in Texas, even if it is mining-friendly. because of the high hash rate and the price. I once read a news story shared by the CEO of Binance (CZ). It says Lebanon has the lowest cost to mine 1 BTC, which means it was a few hundred dollars. Well, the cost of electricity is high in the US and also in Texas.

And if you think that the electricity price is high in Texas and the US why do you think everyone moved there and not to Lebanon?

1) Nobody mines at Google results price per kwh!

Quote

After accounting for the savings and revenue from each of the strategies, Riot told investors its electricity cost in 2022 was 2.96 cents per kilowatt-hour. By comparison, the average price for other industrial businesses in Texas was 7.2 cents. For residents, it was 13.5 cents.

2) Lebanon might have cheap electricity, but not enough electricity

Cut Off From Life Itself Lebanon’s Failure on the Right to Electricity
Lebanon without electricity after power plants run out of money

Quote

According to Anadolu, the power cuts have lasted for two hours in the morning and two in the evening. However, the erratic nature of the power supply in Lebanon means that most of the population get their electricity through private generators rather than rely on the state-run power stations.

Do you see miners moving from Texas where they receive money for not running their gear to Lebanon where they might not even have the chance of running their business for a whole hour at a time?

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Quote from: Faisal2202 on September 10, 2023, 12:33:26 PM

I think miners are not very happy in Texas, even if it is mining-friendly. because of the high hash rate and the price. I once read a news story shared by the CEO of Binance (CZ). It says Lebanon has the lowest cost to mine 1 BTC, which means it was a few hundred dollars. Well, the cost of electricity is high in the US and also in Texas. But besides this, that's a good and important point for the miner, but honestly, big miners do not give a fuc**k about such news.

Lebanon might have lower mining costs for Bitcoin but there are several factors that need to be considered like local regulation, hardware accessibility, political stability etc. Texas might be costly for bitcoin miners but it has a more friendly environment than lebanon for bitcoin mining companies. This is the reason we have seen a surge in bitcoin mining activity in Texas, especially after China's crackdown on bitcoin miners.

A higher hash rate means a more competitive environment for miners but a higher hash rate provides a more secure network. Mining companies might be running at a loss but as we are near halving prices will surge once again and they will recover their loss soon enough. Big miners can get discounts on hardware and they can buy for a better unit cost for their electricity consumption so why they should care! It seems mining cost is not the only factor miners should think about. They are mostly thinking about current and future prospects.

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Harnessing the solar energy is a great way of making the natural resources work for you, so if Texas decides to convert that energy into form of financial gain then that's a great step for in state in my opinion

But first we have to look at the state interest in Bitcoin mining the government doesn't have all the power, they can make a statement but if the state is not interested in mining then it would not work. But if this is true it would be good news for the crypto-currency enthusiast in the state and also I think they should spread Bitcoin mining awareness and help with loans to people who wants to start up Bitcoin mining. also spread Crypto-currency awareness generally in the state.

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Quote from: Agbamoni on September 10, 2023, 10:58:42 AM

Ted Cruz seems to genuinely believe in Bitcoin, and it doesn't appear to be just a political move. Although we can't be entirely certain since we're not Ted Cruz, his actions suggest that he might consider making Texas more Bitcoin-friendly, especially with its many mining facilities.
.......

You are damn right, and that is 100% true also. Because behind every statement of a political leader or a celebrity, there is a catch, and it will be theirs too. They do not make statements about the benefits of others without any self-benefit. They first see if there is any profit for them in it or not, then they proceed. Well, coming back to the discussion

I think miners are not very happy in Texas, even if it is mining-friendly. because of the high hash rate and the price. I once read a news story shared by the CEO of Binance (CZ). It says Lebanon has the lowest cost to mine 1 BTC, which means it was a few hundred dollars. Well, the cost of electricity is high in the US and also in Texas. But besides this, that's a good and important point for the miner, but honestly, big miners do not give a fuc**k about such news.

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Texas is friendly with Bitcoin mining and I am not surprised with these words from Ted Cruz. His belief and support is good for Bitcoin mining in the USA. and Texas but without USA, without Texas, Bitcoin miners will find other locations to mine Bitcoin.

The Great Hashrate Migration from China is an example for how adaptive Bitcoin miners are and how Bitcoin network can survive well because it is decentralized. If a network is centralized, it will have bigger risk to die.

Mined in America: A State-by-State Guide to Bitcoin Mining in the US

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Ted Cruz seems to genuinely believe in Bitcoin, and it doesn't appear to be just a political move. Although we can't be entirely certain since we're not Ted Cruz, his actions suggest that he might consider making Texas more Bitcoin-friendly, especially with its many mining facilities.

Some skeptics might argue that politicians often make promises they don't keep, and once they're in office, they could change their stance. However, Cruz has emphasized the advantages of Bitcoin mining for the Texas energy grid. Texas has the potential to become a major Bitcoin mining hub, which could lead to growth and greater Bitcoin adoption in the United States.

Listening to discussions on the "What Bitcoin Did" podcast about Bitcoin's role in Texas has been eye-opening. Bitcoin miners can help stabilize the energy grid by buying excess energy that would otherwise go to waste. This benefits both the grid's stability and Bitcoin mining. It's also worth noting that Ted Cruz appears to be optimistic about Bitcoin.

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Ted Cruz Says He Is a ‘Big Believer’ In Bitcoin Mining. Appearing on Fox News Radio, the Texas senator said Bitcoin mining is good for his state’s stressed power grid.

Source: https://decrypt.co/155694/ted-cruz-texas-senator-bitcoin-mining-dennis-porter-satoshi-act-fund

Texas is going through a bout of inclement weather at the moment. Recording its second hottest summer on record, the state’s local grid which supplies power to 25 million Texans, roughly 90% of the state was forced to implement emergency measures.

I think there's no harm of converting Electricity back to Money, what do you all think?

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