U.S. Senator Ted Cruz, a long-time supporter of crypto, has announced the purchase of three application-specific integrated circuit (ASIC) Bitcoin miners, initiating mining operations in Iraan, Texas.
Notably, Cruz has been an outspoken advocate for pro-crypto legislation.
Ted Cruz Joins Bitcoin Miners
In the announcement, made on X, the Senator said that he had joined the ranks of Texas Bitcoin miners, a post that was accompanied by a picture of his mining setup.
I just bought 3 Bitcoin miners that started hashing today in Iraan, TX.
I’m proud to join the ranks of Texas #BITCOIN miners! pic.twitter.com/kALhVGy13l
— Ted Cruz (@tedcruz) May 31, 2024
Marathon Digital CEO Fred Thiel praised Cruz’s initiative, welcoming him to the Bitcoin mining community. He also highlighted his contribution to improving network security.
Texas supports Bitcoin mining due to its business-friendly laws and affordable energy resources, including wind, solar, and natural gas. The environment has increased Bitcoin mining in smaller towns like Iraan, creating jobs, boosting energy infrastructure investments, and generating tax revenue.
A financial disclosure revealed that Cruz bought Bitcoin worth between $15,000 and $50,000 on January 25, when the price was around $37,000. With Bitcoin currently trading at $69,000, his investment stands well in the green, assuming he hasn’t sold his holdings.
Meanwhile, Cruz is not the only lawmaker embracing crypto. Several senators have disclosed their crypto holdings, reflecting growing political support. Wyoming Senator Cynthia Lummis has allocated funds in Bitcoin, purchasing approximately $250,000 worth, making her the most heavily invested U.S. lawmaker in the asset.
Pennsylvania Senator Pat Toomey, another crypto advocate, revealed his investments in Grayscale’s Bitcoin ETF.
Ted Cruz’s Crypto Advocacy
In 2021, Ted Cruz 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. He also introduced a resolution for merchants and vendors on Capitol Hill to accept cryptocurrency payments.
Cruz is also opposing the Federal Reserve’s development of a central bank digital currency (CBDC). He has consistently introduced legislation to prevent the Fed from creating a CBDC, citing concerns about privacy, government overreach, and financial surveillance.
Meanwhile, Oklahoma lawmakers passed House Bill 1600 on May 30, offering tax credits to digital asset mining operations. Pending the governor’s signature, the bill aims to exempt commercial mining machinery, including servers, computers, and transformers, from taxes.
The Oklahoma Bitcoin Association emphasized the bill’s significance, stating it would make state power prices highly competitive for miners and attract investments to revitalize rural areas. The bill is expected to optimize Oklahoma’s electricity grid and reduce power costs for residents.
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