According to data from Foundry, Texas accounts for 28.5% of all Bitcoin hash rate in the United States, making it the state with the highest hashing power. This is 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 operate to calculate a valid block hash. Compared to December 2021, more U.S. states are now mining Bitcoin. The global hash rate for Bitcoin 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. During power curtailment, Bitcoin miners reduce their production to balance energy supply and demand in the grid. Texas has implemented a program that incentivizes large energy consumers, including Bitcoin miners, to be flexible with their energy use.
One of the companies participating in Texas’ curtailment program is Riot Platforms, which received over $31 million in power credits from the state. Texas has become a popular location for crypto mining due to its cheaper energy prices and favorable regulatory environment. The state’s electricity prices are below the national average, making it attractive for large consumers like crypto miners.
In summary:
– Texas accounts for 28.5% of all Bitcoin hash rate in the United States.
– More U.S. states are now mining Bitcoin compared to 2021.
– The global hash rate for Bitcoin reached 400 EH/s by July 2023.
– Data collected during power curtailment suggests that the actual hash rate in Texas may be higher than reported.
– Texas offers incentives for large energy consumers, including Bitcoin miners, to be flexible with their energy use.
– Texas has become a hub for crypto mining due to its cheaper energy prices and welcoming regulatory framework.