US states are preparing to compete for bitcoin miners, and new data shows that most “miners” are heading to states such as New York, Kentucky, Georgia and Texas.
Whereas, within the United States, New York has 19.9% of the Bitcoin hash rate, which indicates the total computing power of miners, followed by Kentucky at 18.7%, Georgia by 17.3% and Texas by 14%, according to data from Foundry USA, which is the largest mining pool in North America and the fifth in the world. Mining pools allow miners to combine their ability to hash currency with thousands of other miners around the world, and there are dozens of such pools.
It is worth noting that the Foundry data set does not include the total US hash rate since not all mining farms use the services of this pool.
It is reported that the Beijing government expelled all cryptocurrency miners last spring, effectively disrupting almost half of the bitcoin network in one night, but the network itself did not stop for a single moment, but the incident marked the largest bitcoin mining exodus ever.
As miners compete in a low-margin industry and the only variable cost is energy expenditures, most of them migrate to the world’s cheapest, usually renewable, energy sources.
Looking at New York, its nuclear power plant is headed toward the goal of generating 100% carbon-neutral electricity, and has been considered the third largest hydroelectric state in the country, with a cold climate and industrial infrastructure, which was abandoned and ready for use, which makes it an ideal location for bitcoin mining.
As for Texas, data indicates that Texas combustible gas alone is capable of powering 34% of the bitcoin network today, which could make Texas the number one leader in bitcoin mining, not only in the United States, but worldwide.