Senator Ted Cruz is entering the bitcoin mining industry. He announced the purchase of three ASIC miners.
Senator Ted Cruz intends to mine Bitcoin
Ted Cruz is a supporter of pro-cryptocurrency legislation. Now it is entering the mining market. In a post published on X, he wrote that he joined Texas bitcoin miners. He added a photo of the digging equipment to the post.
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 as a state supports the bitcoin mining market. It does this by using business-friendly regulations and guaranteeing cheap energy. The latter is renewable and is generated using wind turbines, photovoltaics or natural gas.
It is worth adding that BTC mines are being established in smaller cities, such as Iraan. As a result, new jobs are created there, investments in energy infrastructure increase and tax revenues increase.
Not only mines, but also invests
It is known that Cruz not only mines BTC, but also invests in cryptocurrencies. According to his declaration of assets from January this year. shows that he then had bitcoins worth between USD 15,000 and USD 50,000. The price of BTC at that time was around $37,000. With the current bitcoin rate at just over $69,000, he is in the black on this investment. Of course, assuming he hasn't sold his cryptocurrencies.
Several US senators also admitted that they had bitcoins. Wyoming Senator Cynthia Lummis has allocated approximately $250,000 for such an investment. In turn, her colleague from Pennsylvania, Pat Toomey, holds shares in Grayscale's BTC ETF.
Finally, let's talk about how Cruz is fighting to strengthen the cryptocurrency market in the US. In 2021, he opposed the proposal to introduce a tax on cryptocurrencies in the so-called the Senate infrastructure bill, which aimed to raise about $28 billion over a decade. He also introduced a resolution requiring vendors with locations on Capitol Hill to accept cryptocurrency payments.
