The nascent Bitcoin sector continues to get increased attention for its potential, indicating that it will become more than just a payment network or a store of value.
Bitcoin, according to some members of the US Congress, is a solution to generation-old energy problems.
US Senators believe Bitcoin can help the US attain energy independence.
Pete Sessions (R-TX), a member of the US House of Representatives, declared in a tweet today that Bitcoin mining will “play a critical role” in making America’s energy sector independent.
His assertion received near-instant backing by Senator Cynthia Lummis (R-WY) who has long been a crusader for Bitcoin within Congress.
Energy independence is a decades-old concept that continues reappearing anytime there is a geopolitical crisis or market turbulence that leads to increased oil prices. The price of crude oil has risen amid the Russia-Ukraine crisis. As a result, even though the United States is a significant crude producer, gas prices have increased.
President Joe Biden bemoaned the situation with energy price fluctuations caused by external factors earlier this month. He urged Americans to learn more about renewable energy in order to foster energy independence and protect the economy.
This crisis is a stark reminder. To protect our economy over the long term, we need to become energy independent…It should motivate us to accelerate the transition to clean energy, he said
What role may Bitcoin mining play in addressing the energy crisis?
Bitcoin proponents have long argued that the pioneer cryptocurrency is a boost to any country’s efforts to achieve this goal. Bitcoin mining necessitates a lot of energy for its operation. Many Bitcoin experts believe this is beneficial to the US energy sector.
One reason for this is because Bitcoin mining activities are portable, meaning they may be carried out anywhere and at any time. Because of its flexibility, the operation can overcome many of the barriers that limit renewable energy generation.
Bitcoin mining can be carried out right at the source of trapped energy or renewable energy sources that would otherwise be wasted. Texas, for example, has realized this potential.
Senator Ted Cruz who represents the lone star state has previously stated that Bitcoin mining can help fix the state’s power grid’s crumbling infrastructure. He claimed that miners can be electricity consumers when home demand is low, but that they can quickly cut their usage when other demands increase.
This, he believes, would encourage energy generators to construct more renewable energy infrastructure for the grid.