Survey shows New York Accounts for 20% of the US Bitcoin Mining Hash Rate
New York has emerged as the most preferred state by US Bitcoin miners. The state offers access to immense renewable energy sources and cool climates.
The research also showed that around 20% of the Bitcoin mining hash rate within the US came from New York. This is the largest compared to Kentucky with 18.7%, Georgia with 17.3% and Texas with 14%.
New York Leads in Bitcoin Mining
A survey was conducted by Foundry USA, a digital asset-focused financing and advisory firm, to determine which of the US states was the most preferable by Bitcoin miners. The results of the research were presented by Nic Carter, who noted that the research was unique.
However, the data gathered by Foundry did not include all the Bitcoin mining farms in the US. Among the firms that were not included is Riot Blockchain, one of the largest Bitcoin mining companies, with a large mining farm in Texas. The firm was excluded from the survey as it was not part of Foundry. The inclusion of this firm would give Texas a higher percentage compared to what is recorded.
The four states leading in Bitcoin mining in the US have broad access to renewable energy sources. Most of the electricity used in New York is generated from hydropower infrastructure. This access, coupled with a cool climate, has made it attract 20% of Bitcoin miners.
Commenting on the report, Carter added that, “Bitcoin mining in New York is actually very low in carbon intensity, given its hydropower, and, as a consequence, if New York were to ban Bitcoin in-state, it would probably raise the carbon intensity of the bitcoin network overall. It would be the complete opposite of what they wanted.”
The US has been a major hub for Bitcoin mining ever since the exodus from China by mining firms. A recent report stated that the US was leading in Bitcoin mining and accounted for over 35% of the global Bitcoin mining hash rate.
Texas should take Top Position
Not all experts have agreed with this survey, with some stating that Texas should take the top position as the lead state in Bitcoin mining. The state not only has friendly crypto laws but also gives access to cheap and renewable energy.
Leading Bitcoin mining companies have set up locations in Texas, with Riot Blockchain having a 100-acre Bitcoin mining farm in Rockdale. After the China ban, Texas also emerged as the next destination for miners.
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