Dataset from Foundry shows that four states in the U.S. have the
highest Bitcoin hash rate distribution. The dataset shows that many
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 measure
of collective 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 data, within the U.S., New York
accounts for 19.9% of bitcoin’s hash rate, 18.7% in Kentucky, 17.3%
is in Georgia, and 14% in Texas. Source: Foundry U.S. 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 added 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 largest
publicly traded mining companies in America, Riot Blockchain, with
a huge presence in Texas, does not use Foundry. Therefore, the
dataset does not account for its hash rate. Texas’ mining presence
is understated and could possibly be higher than the 14% quoted.
BTC trading at over $55K | Source: BTCUSD on TradingView.com Many
of the states with the highest Bitcoin hash rates also have high
proportions of renewable energy. This fact may have started
changing the narrative that bitcoin is bad for the environment.
Related Reading | $425bn Wiped Off Crypto Market As Musk Says
Bitcoin Is Bad For The Environment According to CNBC, a lot of
the miners are moving to these states because they have cheap and
renewable 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 also known for its
hydroelectric and wind power. The state’s government recently
passed a law that grants certain tax exemptions to crypto mining
operations. Carter also said that the migration of miners to the
U.S. is positive because it means much lower carbon intensity.
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 houses 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. Related Reading | Bitcoin Mining Moves to
Texas, Bitmain Announces Partner for Massive New Facility
Crypto-friendly lawmakers, a deregulated power grid with real-time
spot pricing, and access to significant renewable energy, as well
as stranded or flared natural gas, are what make Texas attractive
to miners, according to CNBC. Featured image by Finance Magnates,
Chart from TradingView.com

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