Texas could raise funds through NFT and harness ‘abundant’ energy to mine Bitcoin

Texas could raise funds through NFT and harness 'abundant' energy to mine Bitcoin

Texas could raise funds through NFT and harness 'abundant' energy to mine Bitcoin By Hannah perez

Is Texas becoming the most crypto-friendly state in the US? NFTs are coming into the political sphere as Senator Cruz proposes using oil energy to mine bitcoins.

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This year, the state of Texas in the United States has attracted great attention from companies in the cryptocurrency sector and soon, the various efforts within this space, could lead it to become the crypto capital of the country.

A group of politicians from the southern state this week revealed plans to launch a fundraising program through the growing market of tokens non-expendable (NFT). The initiative was unveiled shortly after statements by Texas Senator Ted Cruz, who affirms that the state’s abundant energy resources represent a great opportunity to Bitcoin.

Democratic Party to use NFT to raise funds

The company Front row announced this week that it is partnering with the Texas Democratic Party to pilot a program aimed at raising money for Democratic candidates and causes using NFT.

Front row, which describes itself as a marketplace and platform dedicated to progressive organizations and movements, said in a statement that it is launching a “NFT’s inaugural market“Of the political world to turn objects of interest, media and art into”valuable digital assets”To drive support for Democratic organizations, causes, and missions.

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As part of the commissioning, the platform will sell “digital political relics”That support the Texas Democratic Party’s agenda, especially protecting voting and abortion rights. NFT purchases will be treated as campaign contributions, according to the statement. For his part, the co-founder of Front row, Parker Butterworth, highlighted:

NFTs will become a powerful addition to any political fundraising effort. We look forward to continuing to turn powerful, exclusive, and behind-the-scenes moments into digital assets that help drive progressive goals.

Texas could raise funds through NFT and harness 'abundant' energy to mine Bitcoin
One of the first NFTs for sale is an animated poster of the arrest warrants of Texas Democratic lawmakers for fleeing the state after trying to block the passage of the SB-1 ballot bill. Image taken from Front row

Although the company assured that the funds raised through NFT will be used “directly to political groups and individualsHe did not specify how he plans to make digital purchases comply with current campaign finance laws. Under United States law, candidates for federal office cannot receive more than $ 5,800 from a single individual or group per cycle.

Senator invites to take advantage of natural gas to mine Bitcoin

As the NFT boom reaches the political sphere of the United States, Senator Ted Cruz believes that the “abundant”Energy from Texas oil and natural gas could be harnessed for mining Bitcoin. The Republican senator, who in the past has spoken in favor of the flagship cryptocurrency, spoke during the celebration of the Texas Blockchain Summit on Friday.

Fifty percent of the natural gas in this country that is burned, is burned in the Permian right now in West Texas. I think it is a great opportunity for Bitcoin, because it is energy that is just being wasted.

The Permian Basin is an oil and gas rich region in the southwestern part of the United States. Some parts of the basin are found in both the state of Texas and New Mexico.

During his speech at the event, Cruz stated that Bitcoin it has the potential to address many issues facing the state. But he also believes that Texas may get to the point where it uses mining Bitcoin to make up for large amounts of energy currently wasted by the state.

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Much of the Bitcoin discussion sees Bitcoin as an energy consumer“Cruz said. The perspective I am suggesting is quite the reverse, which is a way to strengthen our energy infrastructure.“.

Texas, the next crypto capital?

Texas, the leading producer of wind power in the US, has a lot of cheap solar power, making it an attractive area for cryptocurrency mining operations; especially as a result of the mining exodus from China, a product of the latest local restrictions.

Among the companies that have decided to move to Texas are Poolin, the second largest bitcoin mining group in the world, which decided in September to leave its Hong Kong headquarters for Austin, Texas. Also the Chinese mining equipment giant Bitmain is expanding its facilities in Rockdale, Texas.

In addition to becoming an attraction for miners, Texas is also positioning itself as a crypto-friendly state on legislative matters. County lawmakers this year passed two space-related bills, one of which officially recognizes cryptocurrencies under state trade law.

For his part, Cruz is not the only Texas politician who has argued in defense of Bitcoin and to turn the region into a crypto hub. Texas Governor Greg Abbott has already met twice with the Texas Blockchain Council and in june commented on Twitter: It’s happening! Texas to be the leader in cryptocurrencies. The comment came after the grocery store chain HEB will announce the installation of cryptocurrency machines in 29 of its stores in the Houston area.


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Sources: Cointelegraph, Front row, Decrypt, BBC, file

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Hannah Estefanía Pérez’s version / DailyBitcoin

Image from Unsplash

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