This US Senator is mining Bitcoin in Texas.
This week the Bitcoin mining industry has achieved high levels of critical political support.
A prominent U.S. senator joined the cause, and Oklahoma passed key legislation that favored its growth. The integration of these events is an important step for the industry, which will increase mainstream acceptance.
Bitcoin mining gets more political support
On May 31, Senator Ted Cruz announced the acquisition and commissioning of three Bitcoin miners in Iran, Texas. Marathon Digital CEO Fred Thiel praised Cruz's initiative, welcoming him to the Bitcoin mining community and highlighting his role in securing the network.
“Welcome to the ranks of Bitcoin miners! Thank you for helping to secure the Bitcoin network,” Thiel said.
Cruz has long been an advocate of Bitcoin mining. He pointed to its benefits during last year's Texas heat wave, citing its flexibility to convert power in an emergency. Cruz said machines can be shut down quickly during severe weather to divert power to critical needs in hospitals and homes.
This latest move shows the senator's continued commitment to the cryptocurrency industry. He has consistently promoted crypto adoption, including accepting crypto donations for his campaign. In particular, Cruz holds a large amount of Bitcoin, buying $50,000 in 2022.
Read More: Bitcoin Mining From Home: Possible in 2024?
In related news, Oklahoma lawmakers approved House Bill 1600 on May 30, which provides tax credits for digital asset mining operations. The bill, awaiting the governor's signature, includes tax exemptions for commercial mining machinery, including servers, computers and transformers.
The Oklahoma Bitcoin Association emphasized the importance of the bill, saying it would make the state's energy prices more competitive for miners and attract investments that would stimulate rural areas. The bill is expected to improve Oklahoma's electric grid and lower energy costs for residents.
This bill streamlines Oklahoma's electric grid [and] Put downward pressure on energy prices for all Oklahomans. It will also increase the country's economic activity,” the association added.
This legislative support follows the Bitcoin Act, which protects the right of individuals to self-protect digital assets, mine, operate full nodes, and trade digital assets.
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