Energy

Bitcoin miners say they’re fixing Texas electric grid, Ted Cruz agrees

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U.S. Senator Ted Cruz (R-TX) addresses a news conference on Capitol Hill in Washington, October 6, 2021.

Evelyn Hockstein | Reuters

AUSTIN, TEXAS – The Texas power grid is struggling with fluctuating energy prices and sporadic service, but the state’s growing bitcoin mining community believes it can help fix it.

Republican Sen. Ted Cruz agrees. “A lot of the discussion around bitcoin views bitcoin as a consumer of energy,” said Cruz at an event in October. “The perspective I’m suggesting is very much the reverse, which is as a way to strengthen our energy infrastructure.”

The grid is called ERCOT — short for the Electric Reliability Council of Texas, which is the organization tasked with…



Source cnbc.com

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