US Congressman: mining will support the country's energy independence

Member of the US House of Representatives from Texas Pete Sessions believes that bitcoin mining can play a "key role" in ensuring the energy independence of the country.

He was supported by a well-known supporter of the first cryptocurrency, Senator Cynthia Lummis.

The congressman did not specify how digital gold mining would contribute to the achievement of the stated goal. However, he is not the only state politician who has spoken out in support of the industry.

Senator Ted Cruz and Gov. Greg Abbott said mining brings jobs, taxes, and can help stabilize the state's largely deregulated power grid.

In August 2021, the US took the lead in the share of bitcoin hashrate after the ban on the industry in China. As of October, Texas ranked fourth among the states in terms of computing power in the network of the first cryptocurrency with a figure of 14%.

Nick Carter, a partner at Castle Island Ventures, explained why the region attracts miners.

“Texas is such a ‘habitable zone’ for bitcoin mining that it’s simply unrealistic,” he said.

n his opinion, this is facilitated by: support for politicians, the state's energy-producing traditions; deregulated market and cheap energy; "island" power grid and the need for auxiliary systems; ocus on renewable sources, excess power capacities; favorable attitude of regulators.

This means not only potential investments in generation, but also the opportunity to increase the economic sustainability of solar and wind farms. Since mining is an "interruptible" process, the industry is able to balance the consumption of green energy, Carter noted.

Recall that in January, Iris Energy announced an increase in its mining capacity in Texas to 600 MW.

Compute North has raised $385 million to build data centers for cryptocurrency mining in the US, naming the state as one of the locations of the facilities.