A lot has been said over the past several months about the environmental impact of Bitcoin mining. Critics preach about how Bitcoin’s supposed carbon footprint will usher in the end of days, while supporters are equally outspoken about Bitcoin’s ability to revolutionize the energy sector. With so much noise, it can be difficult for the average Bitcoin participant to navigate the conversation.
To open-minded learners, the most recent development in this narrative is sure to be of interest: Greg Abbot, the Governor of the state of Texas, and Ted Cruz, the former presidential candidate and current Senator, have both come out solidly in favor of Bitcoin. On top of that, they both stated publicly that they believe that Bitcoin mining can save Texas’ struggling energy sector. For those who need a refresher, Texas’ energy grid failed miserably this past winter as record-breaking low temperatures decimated energy providers and contributed to the deaths of hundreds of citizens.
Critics have immediately sprung up in opposition, questioning how the addition of a large group of energy consumers to what is already an overworked energy system will lead to improvements. In simple terms, their complaint centers on their apparent misunderstanding of how supply and demand work.