US Senator Ted Cruz, from the Republicado party, caused surprise on the last day of May. On his X account, Cruz announced the purchase of three ASICs for Bitcoin (BTC) mining.
Of agreement with Cruz, his Bitcoin mining will take place in the city of Iran, Texas, the state Cruz represents in the Senate. However, the senator did not reveal which pool or company is hosting his machines.
Notably, Cruz has been an outspoken supporter of pro-cryptocurrency legislation. The senator has already stated that the US needs to adopt pro-market legislation and not impede innovation.
Ted Cruz focuses on Bitcoin mining
In the announcement, the senator said he had joined the “ranks of Texas Bitcoin miners,” and then posted three photos, one from each ASIC. The photos show the back of the equipment, with the ventilation outlets and cabling.
By the time this article was written, Cruz’s publication had received almost 500 responses, most of them in support of the senator’s decision. One of them is from Fred Thiel, CEO of the mining company Marathon Digital, welcoming him to the mining community. Thiel also highlighted his contribution to improving network security.
“Welcome to the ranks of Bitcoin miners! Thank you for helping to protect the network and we hope to see you at Mining Disrupt in Miami next month.”
Texas has business-friendly laws and affordable energy resources, including wind and solar energy. This activity has benefited cities like tiny Iran, creating jobs, boosting investment in energy infrastructure and generating tax revenue.
From oil to Bitcoin
Iran is a small city of 1,055 people located in West Texas. Although it is small, the city grew significantly in the 20th century, after the discovery of the gigantic Yates oil field. The field, discovered in 1926, was purchased by the Big Lake Oil Company, which became the Plymouth Oil Company.
Subsequently, the owner of Yates Field donated 152 acres (620 m) of his ranch to the city of Iran to encourage further development. Oil exploration has come to an end, which contributed to the city’s decline, but Cruz’s decision to locate his mining companies there could boost activity.
A financial disclosure revealed that Cruz purchased between $15,000 and $50,000 worth of BTC on January 25, when the cryptocurrency’s price was around $37,000. Assuming he didn’t sell, the profit from the transaction at current prices could exceed 300%.
In addition to Ted Cruz, several senators revealed that they have investments in cryptocurrencies, reflecting growing political support. Senator Cynthia Lummis of Wyoming purchased around $250,000 worth of BTC, becoming the most invested US congresswoman in the asset.
Defense of cryptocurrencies
In 2021, Ted Cruz opposed a proposed cryptocurrency tax in the Senate infrastructure bill, which aimed to raise about $28 billion over 10 years. The senator also promoted a bill that authorizes the Congress building, the Capitol, to accept cryptocurrencies.
Cruz also opposes the development of a central bank digital currency (CBDC) by the US central bank, the Fed. He has introduced laws to prevent the Fed from creating a CBDC, citing concerns about violating privacy.
Meanwhile, Oklahoma lawmakers passed House Bill 1600 on May 30, offering tax credits for cryptocurrency mining operations. The bill aims to exempt commercial mining machines from taxes and awaits sanction from the state governor.
Source: https://www.criptofacil.com/senador-dos-eua-entra-na-mineracao-de-bitcoin/
