Dataset from Foundry shows that four states in the U.S. have the highest Bitcoin hash rate distribution. The dataset reveals that lots of Bitcoin miners are headed to New York, Kentucky, Georgia, and Texas.
Foundry U.S. is the largest mining pool in North America and the fifth-largest globally. The hash rate is a procedure of cumulative mining power. A mining pool enables miners to combine their hashing power with other miners all over the world.
Bitcoin Mining In The U.S.
According to the information, within the U.S., New York represent 19.9% of bitcoin’s hash rate, 18.7% in Kentucky, 17.3% remains in Georgia, and 14% in Texas.
At the Texas Blockchain Summit in Austin on October 8, 2021, Nic Carter, co-founder of Castle Island Ventures, presented Foundry’s data. “This is the first time we’ve actually had state-level insight on where miners are unless you wanted to go cobble through all the public filings and try to figure it out that way,”
He included that “This is a much more efficient way of figuring out where mining occurs in America.”
However, Carter pointed out that the Foundry dataset does not consider all the U.S. mining hash rates as not all U.S.-based mining farms use its services. One of the biggest openly traded mining business in America, Riot Blockchain, with a huge presence in Texas, does not use Foundry. Therefore, the dataset does not represent its hash rate. Texas’ mining presence is understated and could possibly be higher than the 14% quoted.
Many of the states with the greatest Bitcoin hash rates likewise have high percentages of renewable resource. This fact may have started changing the narrative that bitcoin is bad for the environment.
According to CNBC, a great deal of the miners are transferring to these states due to the fact that they have low-cost and sustainable sources of power. Data from the U.S. Energy Information Administration (EIA) shows that a third of New York’s in-state generation comes from renewables sources. Kentucky, which has the second-highest hash rate, is likewise understood for its hydroelectric and wind power. The state’s government recently passed a law that grants certain tax exemptions to crypto mining operations.
Carter likewise stated that the migration of miners to the U.S. is favorable due to the fact that it indicates much lower carbon strength.
Texas Leads Bitcoin Mining
Although Texas ranks fourth according to the data, experts believe it is the top mining destination in the U.S. The state homes mining giants like Riot Blockchain, and the Chinese mining service platform Bitdeer.
A report from earlier this year shows that large orders for mining ASICs are also being delivered to Texas.
Crypto-friendly legislators, a decontrolled power grid with real-time area prices, and access to considerable renewable resource, in addition to stranded or flared gas, are what make Texas appealing to miners, according to CNBC.
