According to data from Foundry, Texas accounts for 28.5% of all Bitcoin hash rate in the United States. This makes Texas the leading state in terms of Bitcoin mining power, followed by Georgia with 9.64%, New York with 8.75%, and New Hampshire with 5.33%. The hash rate represents the speed at which mining machines calculate valid block hashes.
In December 2021, Texas had a hash rate of 8.43%, while Georgia had 34.17%. This indicates that more U.S. states have joined the Bitcoin mining industry in 2023. The global Bitcoin hash rate reached 400 EH/s by July 2023, almost double the rate at the end of 2021.
The data was collected during a period of power curtailment in Texas, which means that the actual hash rate in the state may be higher than reported. Power curtailment is a strategy used by Bitcoin miners to balance energy consumption during peak times. Texas offers incentives to large energy consumers, including Bitcoin miners, for being flexible with their energy use.
Riot Platforms, a Bitcoin mining company in Texas, participated in the curtailment program and received over $31 million in power credits from the state. Texas has become a favorable location for crypto mining due to its lower energy costs and supportive regulatory environment. The state’s electricity prices are below the national average, making it attractive for large energy consumers like crypto miners.
In summary:
– Texas accounts for 28.5% of all Bitcoin hash rate in the United States.
– Georgia, New York, and New Hampshire are also significant contributors to the U.S. hash rate.
– The global Bitcoin hash rate has nearly doubled since the end of 2021.
– Power curtailment in Texas may have resulted in an underreporting of the actual hash rate.
– Texas offers incentives to Bitcoin miners for being flexible with energy use.
– Texas has become a hub for crypto mining due to its lower energy costs and favorable regulations.
