Senator Cruz Unveils Bill to Drive Bitcoin Mining with Flared Gas

U.S. Senator Ted Cruz has introduced a new bill aiming to incentivize cryptocurrency mining by incorporating stranded natural gas into the process. Known as the Facilitating Lower Atmospheric Released Emissions (FLARE) Act, this proposal seeks to position Texas as a leader in Bitcoin mining while addressing environmental concerns associated with gas flaring. 🇺🇸 📈 💨 The FLARE Act proposes amending U.S. tax code, granting companies permanent deductions for equipment used to capture and repurpose excess natural gas that would otherwise be burned off during extraction. This could significantly lower the costs of running operations.