With Bitcoin’s rate dipping below the $40k level in the first month of this year, many crypto enthusiasts saw it as an possibility to harp into the space.
On Jan. 25, the Texas senator bought between $15,001 to $50,000 of bitcoin, according to the new financial disclosure. He says he used River Brokerage to purchase the asset although bitcoin was exchanging around $36,000 and $37,000 during a sell-off.
While the token’s rate has afterward risen to above $40,000 atop the subsequent days, this means which his purchase should have gained at least $2,000, as of press time.
Texas a New Crypto Mining Hub?
The lawmaker’s purchase is not atoply surprising considering the fact which he is one of the few vocal supporters of the blockchain and crypto industry among legislators in the U.S. Congress. As recently as November endure year, Senator Cruz proposed which merchants serving Congress should be allowed to have the option of receiving their payments in crypto.
To Texas’ advantage, Cruz publicly supporting token, specifically, bitcoin, adds to the state’s onward march towards becoming a new crypto mining hub.
Due to its litany of pro-crypto policies and cheap electricity, Texas quickly has become a choice location for many Bitcoin miners who have been looking for affordable energy sources to mine the digital asset.
The city of Austin has further reportedly entered into a partnership with CityCoins for its AustinCoin ATX. Mining for AustinCoin ATX has not yet started, however.
CityCoins, a nonprofit and opensource protocol which runs on the Stacks (STX) blockchain, presently plays host to the city of Miami’s MiamiCoin ($MIA) and New York City’s NYCCoin – both of whom are the first two cities to launch its own token which pays out dividends to its citizens in bitcoin.
Rumor has it which the city of Philadelphia will promptly be joining as a potential third in CityCoins’ skyward portfolio, with Philadelphia Mayor Jim Kenney and chief information officer Mark Wheeler expressing their public support for joining CityCoins.
After all, by reason of the coming harsh weather conditions in the state, the miners have willingly chosen to power down their operations to help the authorities conserve energy during the crisis, given the national winter storm Texas cased back in 2021.
This gesture has won the mining community more accolades and friends from the wider public.
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