Crypto trading has taken the back seat in the digital economy in 2022, with the market remaining under the bears' control for most of the year. Furthermore, traders have seen their faith rocked by the consecutive failures of centralized exchanges. These intermediary marketplaces have been the powerhouse of the industry since its humble beginnings. Now, they seem to crumble under mounting allegations of scams, lawsuits, and solvency concerns. Meanwhile, they make a convincing case for the imminent decentralization of crypto…
According to a tweet from US congressman Pete Sessions, the mining industry in America could be pivotal in the nation’s journey to energy independence.
Gas Costs Rise With Global Unease
Since the start of the Russia-Ukraine conflict, gas costs have risen alongside tensions worldwide. US residents have not been left out of this. Recently, President Joe Biden spoke about the price hike saying the situation highlights the need to become energy independent.
Biden called for a transition to sustainable sources to preserve the nation’s economy in the long run. Congressman Pete Sessions, whose state produces roughly 14% of US’s BTC hashpower, believes Bitcoin could help achieve Biden’s goals.
#Bitcoin Mining will play a critical role in rebuilding energy independence in the USA
— Pete Sessions (@PeteSessions) March 21, 2022
With his statement, the texas-representative has relit debates on an oft-discussed subject. This is not to say the congressman was not without detractors. While the congressman’s comment garnered a lot of attention and retweets among a crypto audience, many were quick to point out that Pete’s tweet lacked specificity.
Pete spoke no longer on the issue and is quite known to make bold singular tweets. On Friday, in the aftermath of President Biden’s speech, Pete tweeted:
#Bitcoin is aligned with American values and will strengthen the dollar.
— Pete Sessions (@PeteSessions) March 18, 2022
The congressman refused afterward to make any more comments.
Despite Pete’s lofty statement about crypto mining, there could indeed be truth to it. Researchers and avid supporters of the world’s largest digital currency have often spoken on the potential of the mining sector. Several have stressed that the high-energy demands of the mining operation could have a positive effect on America’s energy grid. A study report from March last year spoke extensively on this.
Could Bitcoin Encourage Sustainable Energy?
The paper noted that flexible data centers might bolster clean energy sources. Such data centers typically generate the energy they require from compact, renewable power plants, used exclusively for that purpose. They could also access power from the grid depending on the current energy situation.
Individual units in BTC mining pools are generally flexible and the mining process can occur in various locations at any time. At the moment, Texas miners are responsible for a significant of America’s total Bitcoin hashrate. Although the climate impact of the energy-intensive mining process has raised doubts about the mining industry, Texas remains in good light.
Recently, the U.S. Energy Information Administration (EIA) listed Texas as the country’s top wind energy generator. Thus, the lone star state as a leading mining hub is a feasible vision. Some researchers believe the state’s expanding mining market could interact positively with the nation’s energy sector.
Additionally, the mining sector could encourage the rise of dependable and accessible renewable energy sources. This, according to researchers, could decrease the burden on the public energy grid. It could also lessen the overall impact of the mining process on the environment.
Another Texas representative, Ted Cruz had previously weighed in on this topic. Cruz stated that Bitcoin miners could consume energy when there was an excess supply and reduce their intake when demand rises. This, he believes, would birth innovation in the framework for renewable energy.
Cruz is not the only other lawmaker to endorse Bitcoin mining and affirm its possibilities. Senator Cynthia Lummis responded to Sessions’ inciting tweet with the concise agreement: “Indeed.” Lummis and Sessions have always been firm supporters of pro-crypto policies and proposals.