CRYPTO

4 The state attracts the most mines


The dataset from the foundry shows that four states in the United States have the highest bitcoin hash rate distribution. The dataset shows that many bitcoin miners are going to New York, Kentucky, Georgia and Texas.

Foundry US is the largest mining pool in North America and the fifth largest mining pool in the world. Hash rate is a measure of the strength of a joint mine. A mining pool enables miners to combine their hashing power with other mines around the world.

Bitcoin mining in the United States

In the United States, New York has a Bitcoin hash rate of 19.9%, Kentucky 18.7%, Georgia 17.3% and Texas 14%.

Source: Foundry U.S.

Nick Carter, co-founder of Castle Island Ventures, presented the foundry at the Texas Blockchain Summit in Austin on October 8, 2021. “This is the first time we’ve actually got state-level insights where there are miners unless you want to go through all the public filings and try to figure it out that way.”

He added that “this is a more effective way to find out where mining happens in America.”

However, Carter noted that the foundry dataset does not consider the hash rates of all U.S. mines because not all U.S.-based mining farms use its services. One of the largest public trading mining companies in America,
The riot blockchain, with its huge presence in Texas, does not use foundries. Therefore, the dataset does not account for its hash rate. The presence of mining in Texas is underestimated and possibly more than the 14% quoted.

BTCUSD chart at TradingView.com

BTC trading at over $55K | Source: BTCUSD on TradingView.com

Many states have the highest proportion of renewable energy, with the highest bitcoin hash rates. This fact may have begun to change the statement that Bitcoin is bad for the environment.

Related Reading | Deleting the $ 425bn crypto market such as Mask says Bitcoin is bad for the environment

According to CNBC, many miners are leaving the state because they have cheap and renewable sources of electricity. Data from the U.S. Energy Information Administration (EIA) shows that one-third of New York’s in-state generation comes from renewable sources. Kentucky, which has the second highest hash rate, is also known for its hydropower and wind power. The state government has recently passed a law that exempts some taxes on crypto mining activities.

Carter added that mining migration to the United States is positive because it means much less carbon footprint.

Texas leads in bitcoin mining

Although Texas ranks fourth according to the data, experts believe it is the top mining destination in the United States.

A report earlier this year showed that large orders for ASIC mining were also being delivered to Texas.

Related Reading | As Bitcoin Mining moves to Texas, Bitcoin announces partners for huge new benefits

According to CNBC, crypto-friendly lawmakers have an uncontrolled power grid with real-time spot prices, and access to significant renewable energy, as well as trapped or burning natural gas, which makes Texas attractive to miners.

Featured image by Finance Magnates, Chart from TradingView.com



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