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In an unprecedented surge, bitcoin's average network hashrate doubled in 2023, showcasing a robust increase from 248 EH/s in December 2022 to an impressive 507 EH/s by year's end. This remarkable growth was underpinned by substantial <a href="https://ultramining.com/hardware/">hardware</a> investments and the strategic expansion of mining capacities, effectively bolstering the global network's security. Notably, TheMinerMag's recent analysis reveals a significant concentration of this expansion within North America, particularly in <a href="https://ultramining.com/news/en/texas-residents-challenge-bitcoin-mining-industrys-impact-on-power-grid-and-communities/">Texas</a>, where public and private mining operators have now energized a combined capacity of 5.42 GW across the U.S. and <a href="https://ultramining.com/news/en/alberta-stanovitsya-centrom-majninga-v-kanade-2/">Canada</a>, with half of this power centralized in the Lone Star State, according to <a href="https://theminermag.com/news/2024-02-29/bitcoin-mining-map-north-america-texas/">TheMinerMag</a>. 
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Texas has emerged as the epicenter of bitcoin mining, <a href="https://ultramining.com/news/en/bitcoin-mining-reshaping-landscape-amid-global-interest-surge/">hosting</a> about 95% of Large Flexible Loads (LFLs), as highlighted by Lee Bratcher of the Texas Blockchain Council. These mining operations play a pivotal role in stabilizing the grid during extreme weather events by participating in ERCOT's voluntary power curtailment program, designed to reduce energy consumption at peak times.&nbsp; 
Detailed analysis also points to a significant upswing in Texas's mining capacities, reaching 2.7 GW by the close of December, marking a notable increase from 2.4 GW in mid-year. This growth is partly attributed to Applied Digital's activation of its Garden City facility and the public disclosure of Celsius' mining asset capacities managed by <a href="https://ultramining.com/news/en/hut-8s-q2-2023-a-bitcoin-mining-marvel/">Hut 8</a>. 
Among the key players in Texas's mining landscape are prominent firms like Applied Digital, Galaxy, <a href="https://ultramining.com/news/en/bitdeer-pioneers-crypto-mining-expansion-with-norway-and-bhutan-data-centers/">Bitdeer</a>, <a href="https://ultramining.com/news/en/cipher-mining-thrives-eyes-increased-market-share/">Cipher</a>, <a href="https://ultramining.com/news/en/bitcoin-mining-giant-core-scientific-prepares-for-post-bankruptcy-comeback/">Core Scientific</a>, Hut 8, <a href="https://ultramining.com/news/en/riot-platforms-to-boost-efficiency-with-midas-immersion-coolings/">Riot</a>, Marathon, and <a href="https://ultramining.com/news/en/iris-energy-diversifies-into-ai-with-10-million-nvidia-gpu-purchase-amid-bitcoin-focus/">Iris Energy</a>, with Marathon's recent acquisition of a 300 MW site in Granbury underscoring the ongoing expansion efforts. However, the operational status of <a href="https://ultramining.com/news/en/genesis-digital-assets-stala-obektom-krupnyh-vlozhenij-alameda-research-2/">Genesis Digital Assets</a>' 450 MW across four sites remains less transparent, given its private ownership and limited public disclosures. 
This surge in mining capacity not only underscores Texas's strategic importance in the global bitcoin ecosystem but also highlights the state's unique position in addressing energy demands and grid stability through innovative partnerships between the mining sector and energy regulators.&nbsp;

Bitcoin’s Network Expansion: A Texas-Sized Leap in Mining Power

Ultramining_Eng

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