New Map Reveals Texas as Bitcoin Mining Powerhouse
Texas has emerged as the leading state for Bitcoin mining in the United States, accounting for over 28% of all Bitcoin hashing power, according to a new report by crypto mining service provider Foundry USA. The state's dominance has grown significantly, with data from December 2021 showing Texas controlling just 8.43% of the country's hash rate.
Bitcoin Hash Rate Surges in the US
Compared to last year, more US states are now involved in Bitcoin mining. The report also highlights Georgia with a 9.64% hash rate, New York with 8.75%, and New Hampshire with 5.33%. These states are contributing to the country's growing presence in the Bitcoin mining industry.
Bitcoin's Global Hash Rate Reaches New Highs
The global hash rate for Bitcoin has reached a record high of 400 EH/s as of July 2023, according to Foundry. This represents almost double the hash rate at the end of 2021. The hash rate indicates the speed at which mining machines calculate valid block hashes, showcasing the growing popularity and investment in Bitcoin mining.
Power Curtailments Impact Texas Hash Rate
During a period of power curtailment in Texas between July 21-27, 2023, Foundry collected the data for its report. The report suggests that the actual hash rate in Texas may be higher than what is officially reported due to the curtailments and the adjustments made by Bitcoin miners.
Texas' Curtailed Bitcoin Mining Program
Bitcoin miners in Texas participate in a program that allows them to adjust their production to balance the state's energy supply and demand. This program incentivizes large energy consumers, including Bitcoin mining operations, to be flexible with their energy usage. Riot Platforms, one of the participants in the program, received over $31 million in power credits in August.
Texas: A Hub for Crypto Mining
Texas has become a favorable destination for crypto mining due to its affordable energy prices and supportive regulatory framework. The state offers electricity rates below the national average, particularly for large energy consumers such as crypto miners. In addition to its energy advantages, Texas has attracted more mining operations following China's crackdown on crypto mining in 2021.
