Bitcoin Boost: Senator Ted Cruz Embraces Crypto Mining In Texas

A long-time crypto supporter, Senator Ted Cruz recently announced that he bought three Bitcoin mining machines and started mining Bitcoin in Iraan, Texas. Cruz has been a vocal advocate for laws that support cryptocurrencies.

Texas is a good place for Bitcoin mining due to business-friendly laws and affordable energy sources like wind, solar, and natural gas. The favorable environment has led to more Bitcoin mining in smaller towns like Iraan, creating jobs, bringing investments in energy infrastructure, and generating tax revenue.

Financial records show that Cruz bought between $15,000 and $50,000 worth of BTC on Jan 25, when BTC traded at around $37,000. With Bitcoin currently at $69,000, Cruz’s investment has increased in value, assuming he still holds it.

Growing Political Support For Bitcoin

Cruz is not the only lawmaker investing in crypto. Several senators have disclosed owning cryptocurrencies, signaling growing political support. Wyoming Senator Cynthia Lummis has invested around $250,000 in Bitcoin, making her the lawmaker with the largest BTC holdings. Pennsylvania Senator Pat Toomey has invested in Grayscale’s Bitcoin ETF.

In 2021, Cruz opposed a crypto tax proposal in the Senate’s infrastructure bill that would have raised $28 billion in new taxes over 10 years. He also proposed allowing vendors on Capitol Hill to accept cryptocurrency payments.

Cruz is against the Federal Reserve creating a central bank digital currency (CBDC), citing privacy concerns, government overreach, and financial surveillance risks. He has introduced bills to prevent the Fed from issuing a CBDC.

Furthermore, on May 30, Oklahoma lawmakers passed a bill offering tax credits to crypto mining operations. If the governor signs it, the bill will exempt mining equipment like servers and computers from taxes. The Oklahoma Bitcoin Association said the bill makes the state’s power prices very competitive for miners and will attract mining investments, especially in rural areas. The bill is expected to optimize Oklahoma’s electricity grid and lower power costs for residents.

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