Texas is home to nearly 30% of all Bitcoin hash rate — Foundry
The U.S. state of Texas accounts for over 28% of all Bitcoin (BTC) hashing power in the United States, according to the newest Hashrate Map by crypto mining company Foundry USA. The recently updated map shows Texas with 28.5% of all Bitcoin hash rate in the country, followed by the states of Georgia claiming 9.64% hash rate, New York with 8.75%, and New Hampshire accounting for 5.33%. Bitcoins hash rate represents how quick a mining device runs when attempting to determine a legitimate block hash.A picture of Foundrys swimming pool in December 2021 reveals a different photo. At the time, Texas controlled 8.43% of the nations hash rate, Georgia had 34.17%. Kentucky stood at 12.40% and New York held 9.53% of the U.S. hash rate. Compared to 2021, more U.S. states are mining Bitcoin this year.Overall, by July 2023, the Bitcoin global hash rate had actually reached 400 EH/s, nearly twice as high as at the end of 2021, when it stood at 174 EH/s, stated Foundry. Hashrate Map in July 2023. Source: Foundry USAThe data was pulled in between July 21-27, 2023, when Texas faced power curtailment. According to the report, the information recorded throughout curtailments implies that the Texas hash rate might be “greater than whats reported on the map.” During power curtailment, Bitcoin miners lower their production to balance energy supply and need in the grid. Essentially, it is a method to stabilize energy usage throughout peak times. In Texas, a program grants big energy consumers, such as Bitcoin miners, rewards for being flexible with energy use.One of the Bitcoin miners taking part in Texas curtailment program is Riot Platforms. In August, the company mined fewer Bitcoin than in July but received over $31 million in power credits from the state. Texas has been progressing as a hub for crypto mining thanks to its cheaper energy and inviting regulative structure. The states electricity costs are below the U.S. average, according to information from the Energy Information Administration. Since January 2023, Texass average residential electrical power tariff was $0.14 per kilowatt-hour (kWh), an 8.3% discount rate compared to the national average of $0.15 per kWh. The expenses are even lower for large consumers like crypto miners.The state ended up being a hotbed for large mining operations following Chinas crackdown on crypto mining in 2021. Publication: Should you orange pill children? The case for Bitcoin kids books
The newly upgraded map reveals Texas with 28.5% of all Bitcoin hash rate in the country, followed by the states of Georgia declaring 9.64% hash rate, New York with 8.75%, and New Hampshire accounting for 5.33%. At the time, Texas controlled 8.43% of the countrys hash rate, Georgia had 34.17%. In Texas, a program grants large energy consumers, such as Bitcoin miners, rewards for being versatile with energy use.One of the Bitcoin miners taking part in Texas curtailment program is Riot Platforms.