Texas is now the number one state for Bitcoin (BTC) mining in the United States, according to data from one of the world's largest mining pools.
Texas Has Emerged As The Top U.S. State For Bitcoin Mining
Texas is now the number one state for Bitcoin (BTC)
mining in the United States, according to data from one of the world's largest mining pools. Foundry estimates
that 28.5% of the Bitcoin hashrate in the U.S. is now located in Texas, far outpacing other states.
Just a year ago, Texas hosted around 8.4% of US mining power. But major changes in 2022 have consolidated its dominance, with other former leaders falling behind. New York and Georgia previously led with 9.5% and 34.2% respectively, but now hold just 8.8% and 9.6%.
Georgia saw declines partly due to the absence of a large miner from Foundry's 2021 sample. But industry observers also point to incentives drawing miners elsewhere. New York's growth has stalled following policies against fossil fuel-powered machines.
Miners say Texas surge is driven by incentives offered by regulators and grid operators. By powering down during high demand periods and receiving compensation, the cost of mining in Texas is far lower than elsewhere in the country.
Companies like Riot Blockchain have cited these incentives as driving major expansion plans in the Lone Star State. Rival Cipher Mining also purchased over 11,000 new machines for its Texas facility earlier this year.
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