Governor Greg Abbott of Texas is welcoming Bitcoin miners to his state, stating that the emerging digital asset mining business would assist to stabilize the state’s electrical infrastructure, which is struggling to keep up with demand.
Governor Abbott, along with numerous other notable Texas officials, including Senator Ted Cruz and Austin Mayor Steve Adler, are luring Bitcoin miners to set up shop in the Lone Star State, according to a report by Decrypt. According to the report, legislators believe that crypto miners would bring their lucrative sector to the state and put pressure on power providers to upgrade their infrastructure, thereby enhancing the grid’s efficiency.
The handling of Texas’ electrical grid, which has failed to fulfil demand during peak periods, has been criticised by residents of the Lone Star state. The most egregious incident came last winter, when power shortages caused hundreds of deaths across the state due to an unexpected snowstorm.
Governor Abbot, according to Bratcher, has been a strong supporter of crypto mining and the state’s current 27 mining operations. According to a report released earlier today by Cointelegraph, Ted Cruz, who has been the junior United States senator for Texas since 2013, is “putting his money where his mouth is.”
“According to a financial statement filed on Friday 4th February, Cruz purchased between $15k and $50k worth of Bitcoin (BTC) on January 25th, using the River brokerage,” according to the newspaper. It’s worth noting that this happened when $BTC was trading between $36K and $37K.
It’s a wrap for this story.
