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Last year's challenging market hit <a href="https://ultramining.com/news/en/major-bitcoin-mining-pool-foundry-usa-to-introduce-fee-structure/">US</a> miners hard. Depressed <a href="https://ultramining.com/news/en/bitcoins-rebound-above-30k-boosts-hashprice-a-4-leap-in-24-hours/">hashprice</a> and soaring <a href="https://ultramining.com/news/en/crypto-mining-with-flare-gas-a-green-solution-or-environmental-setback/">electricity</a> costs made operations difficult. Bankruptcies of big players like Compute North and <a href="https://ultramining.com/news/en/bitcoin-mining-giant-core-scientific-prepares-for-post-bankruptcy-comeback/">Core Scientific</a> were noted, according to <a href="https://hashrateindex.com/blog/hashrate-index-q3-2023-bitcoin-mining-report/">hashrateindex</a>. 
In 2022, the average <a href="https://ultramining.com/news/en/major-bitcoin-mining-pool-foundry-usa-to-introduce-fee-structure/">US</a> industrial <a href="https://ultramining.com/news/en/crypto-mining-with-flare-gas-a-green-solution-or-environmental-setback/">electricity</a> price peaked alarmingly at $94 per MWh. This uptick contributed to the challenging environment for miners. However, as of October 2023, the scene has changed. The presented map reveals normalization in <a href="https://ultramining.com/news/en/upcoming-bitcoin-halving-threatens-mining-profitability-analysts-warn/">electricity prices</a> across major mining hubs. <a href="https://ultramining.com/news/en/texas-residents-challenge-bitcoin-mining-industrys-impact-on-power-grid-and-communities/">Texas</a>, New York, the Rust Belt regions of Ohio and Pennsylvania now have manageable rates. Nonetheless, some states like Georgia, a prominent cryptot mining location, experienced high electricity costs in July 2023. 
The third quarter of 2023 paints a brighter picture. The average all-in industrial electricity price dropped to $86 per MWh. This signifies an 8.5% decrease compared to the same period last year. It's worth noting that US <a href="https://ultramining.com/news/en/upcoming-bitcoin-halving-threatens-mining-profitability-analysts-warn/">electricity prices</a> usually surge in the third quarter. Summer demands, such as air-conditioning, escalate, driving up costs. Yet, this year showed a positive reversal, providing a glimmer of hope for the struggling miners.

US Electricity Prices: A Turnaround for Cryptocurrency Miners

Ultramining_Eng

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