The United States Replaced China As The World's Mining Hub

The states of New York, Kentucky, Georgia, and Texas have become a new haven for Bitcoin miners, continuing to squeeze China out of the market after a series of bans.

Based on the report presented by Foundry, 19.9% ​​of the Bitcoin hash rate today fell in New York, 18.7% in Kentucky, 17.3% of miners settled in Georgia, and another 14% found a place for their capacities in Texas. At the same period, the co-ancestor of Castle Island Ventures, Nic Carter, said that for some reason they decided not to take into account mining pools that are not included in the global list in this data.

Many members of the cryptocurrency community rightly found it strange that Texas, which became one of the main hubs for Chinese miners in 2021, was ranked fourth among the American states according to Foundry. Earlier, the Governor of Texas shared a forecast on the development of mining in the state, and a little later, the largest US blockchain summit was held there. As part of it, Senator Ted Cruz called Texas "the first wind energy raiser in the country."

It's worth noting that in addition to being friendly to the new asset class, Texas has also become a state offering cryptocurrency miners the cheapest power, most of which comes from renewable sources.

According to Nic Carter, Texas is able to provide the industry with its abundance of natural resources, independently providing about 34% of the Bitcoin network. His opinion was supported by cryptocurrency expert Brandon Arvanagi, who confirmed that electricity in the state of Texas is one of the most affordable in the whole world.

In the meantime, many mining migrants not just transported but also carried out the allocation of capacities in Texas. For example, Riot Blockchain and Bitdeer announced the opening of their data centers in the Lone Star State.

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CoinShark is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. This article is for informational purposes, prepared on the basis of materials and information from open sources. Cryptocurrency is a risky asset, investments in it can lead to losses. Users should do their own research before taking any action. 

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