The cryptocurrency plummeted in price in May this year but has risen steadily through October so far.
, who appeared at the Texas Blockchain Summit last Friday to float the idea of using bitcoin mining in the state to make use of energy produced by oil and gas.
Cruz said that natural gas is"being wasted" in Texas by being flared and that it could be put to"productive use" by bitcoin miners instead, who require vast amounts of energy in order to power the computers that generate new bitcoins., he suggested that this extra power could be redirected into Texas' electricity grid in the event of power outages, the likes of which plagued the state in the winter earlier this year.due to regulatory crackdowns.
A photo shows a physical representation of a stack of bitcoins, taken in Paris in April 2019. The cryptocurrency has seen a rise in price through October.
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