Senator Ted Cruz Buys 3 Bitcoin Miners, Launches Operations

In this post:

  • Senator Ted Cruz announced he bought three Bitcoin miners, starting operations in Iraan, Texas.
  • Texas is supportive of Bitcoin mining due to friendly laws and cheap energy.
  • Bitcoin mining in Texas promises job creation, improved infrastructure, and increased tax revenue.

US Senator Ted Cruz has long been a crypto supporter. He has vocally been a pro-crypto legislator. Yesterday, he announced his purchase of three Bitcoin miners as he set up operations in Iraan, Texas.

Also Read: Bitcoin Price Prediction 2024-2030

He shared the news on X, saying, “I’m proud to join the ranks of Texas Bitcoin Miners,” along with a picture of the mining setup. Marathon Digital CEO Fred Thiel praised Cruz’s move, welcoming him to the Bitcoin mining community and emphasizing his role in improving network security.

Texas Openly Supports Bitcoin Mining

While many US states still restrict Bitcoin mining, Texas embraces it. The state’s business-friendly laws and affordable energy resources make it a perfect environment for Bitcoin mining. Texas offers abundant wind, solar, and natural gas power options, minimal regulatory trouble, and a climate conducive to profitable and sustainable mining operations.

This has led to a rise in Bitcoin mining popularity in smaller towns like Iraan, decentralizing economic activity beyond major cities. As mining operations expand, they are expected to create jobs, boost investments in energy infrastructure, and generate tax income for public services and development projects, enhancing the state’s economic health.

Cruz Invests in Crypto

A recent financial disclosure revealed that Cruz bought Bitcoin during a market dip. On January 25, he purchased Bitcoin worth between $15,000 and $50,000 when the price was around $37,000, way below its all-time high of $69,000 in November. Cruz used River Financial for the transaction.

Also Read: Bearish Bitcoin, Bullish Ethereum: Crypto Market Stands Split

As of the current trading price of $67,445, his investment has gained between $7,000 and $15,000, assuming he hasn’t sold his holdings and incurred short-term capital gains. Cruz is beloved in the crypto community because he has always advocated for cryptocurrency in the US Senate, particularly supporting Bitcoin mining.

In 2021, he opposed a crypto tax proposal in the Senate’s infrastructure bill, which aimed to raise about $28 billion in new tax revenue over a decade. Additionally, Cruz introduced a resolution for merchants and vendors on Capitol Hill in Washington, D.C., to accept cryptocurrency payments.

Cruz is not the only lawmaker embracing cryptocurrency. Several senators have disclosed their cryptocurrency holdings, reflecting a growing trend of political support. Pennsylvania Senator Pat Toomey, another known crypto advocate, revealed his investments in Grayscale’s Bitcoin ETF.

Wyoming Senator Cynthia Lummis has also invested heavily in Bitcoin. She purchased approximately $250,000 worth of the asset, making her the most heavily invested US lawmaker.

Cryptopolitan reporting by Jai Hamid

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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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