According to CryptoPotato, U.S. Senator Ted Cruz, a known advocate for cryptocurrency, has recently purchased three application-specific integrated circuit (ASIC) Bitcoin miners. This move marks the initiation of his mining operations in Iraan, Texas. Cruz has been vocal about his support for pro-crypto legislation and his recent purchase further solidifies his position in the crypto community.
In his announcement, Cruz expressed his pride in joining the ranks of Texas Bitcoin miners. His move was applauded by Marathon Digital CEO Fred Thiel, who welcomed Cruz to the Bitcoin mining community and acknowledged his contribution to enhancing network security. Texas has become a hub for Bitcoin mining due to its business-friendly laws and affordable energy resources, including wind, solar, and natural gas. This environment has led to an increase in Bitcoin mining in smaller towns like Iraan, resulting in job creation, increased energy infrastructure investments, and additional tax revenue.
A financial disclosure revealed that Cruz purchased 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 has seen significant growth, assuming he hasn’t sold his holdings. Cruz is not alone in his crypto endeavors. Several senators have disclosed their crypto holdings, reflecting growing political support. Wyoming Senator Cynthia Lummis and Pennsylvania Senator Pat Toomey are among those who have invested in Bitcoin.
In 2021, 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 has consistently voiced his opposition to the Federal Reserve’s development of a central bank digital currency (CBDC), citing concerns about privacy, government overreach, and financial surveillance.
In related news, 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.