{"id":163637,"date":"2023-09-27T12:17:30","date_gmt":"2023-09-27T06:47:30","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=163637"},"modified":"2023-09-27T12:17:30","modified_gmt":"2023-09-27T06:47:30","slug":"texas-is-now-the-top-us-bitcoin-mining-spot-foundry-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/texas-is-now-the-top-us-bitcoin-mining-spot-foundry-crypto-news\/","title":{"rendered":"Texas Is Now the Top US Bitcoin Mining Spot: Foundry – Crypto News"},"content":{"rendered":"
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The Lone Star State of Texas is now the number-one U.S. state for Bitcoin mining, dwarfing rivals by hosting a whopping 28.5% of the nation\u2019s hash rate.<\/p>\n

The estimate comes from Foundry<\/a>, the world\u2019s largest Bitcoin mining pool, which aggregated and published data sourced directly from its users. Back in 2021, the firm estimated that the Texas hash rate share was 8.4%.<\/p>\n

While still comparatively high, it was still surpassed at the time by states like New York (9.5%) and Georgia (34.2%), whose respective shares have fallen to 8.8% and 9.6%.<\/p>\n

Georgia\u2019s steep drop was partly due to a large miner from the 2021 sample not participating in the 2023 map\u2014but was also partly driven by growth in Texas. Meanwhile, New York\u2019s mining growth has been stagnant<\/a> since a memorandum against fossil fuel-powered miners took effect last year.<\/p>\n

Other states like Nebraska, North Carolina, Kentucky, Oklahoma, and Washington also experienced major drops.<\/p>\n

On Texas\u2019s part, the state has made mining attractive through government incentives designed to encourage miners to help stabilize the electricity grid. When stressed to its peak during intense summers and winters, the grid operator, ERCOT, asks miners to stop operations and leave available power for citizens in their homes, then compensates<\/a> firms later for their participation.<\/p>\n

In a press release<\/a> earlier this month, Riot CEO Jason Les noted that the state\u2019s power credits \u201csignificantly lower Riot\u2019s
cost to mine Bitcoin.\u201d The firm now has major expansion plans in Navarro and Milam counties, after rival Cipher Mining<\/a> purchased 11,000 mining machines for its Texas facility in May.<\/p>\n

Foundry has also expanded its own operations within Texas, acquiring mining sites from the bankruptcy estate of Compute North, a mining firm that collapsed due to bear market pressure last year.<\/p>\n

Since Foundry\u2019s data was sourced in July, a period of major curtailment for the region\u2019s miners, the company now believes its 28.5% estimate may be low.<\/p>\n

The University of Cambridge also publishes public data on Bitcoin hash rate and electricity consumption, though its mining map<\/a> hasn\u2019t been updated since January 2022. The current version shows Texas holding just 11.2% of US hash rate.<\/p>\n

In an email to Decrypt<\/i>, Cambridge Research Lead for Digital Assets Climate Impact Alexander Neumueller said his team hopes to update their mining map by \u201cearly next year,\u201d but could not provide a definitive date.<\/p>\n

\u201cWhen we publish an update, what is very important to us is to ensure a large enough sample size and no single pool constituting an overly large part of the sample,\u201d he explained. So far, Cambridge has onboarded ANTPOOL to its list of collaborating pools\u2014the second largest pool after Foundry.<\/p>\n

\u201cPersonally, the large increase in Texas’s share does not come as a surprise given conversations I have had with industry stakeholders,\u201d he added. \u201cI expect that the landscape today looks noticeably different than our last data point in January 2022, particularly with respect to China and Kazakhstan.\u201d<\/p>\n

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<\/p>\n

Stay on top of crypto news, get daily updates in your inbox.<\/h3>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Lone Star State of Texas is now the number-one U.S. state for Bitcoin mining, dwarfing rivals by hosting a whopping 28.5% of the nation\u2019s hash rate. The estimate comes from Foundry, the world\u2019s largest Bitcoin mining pool, which aggregated and published data sourced directly from its users. Back in 2021, the firm estimated that […]<\/p>\n","protected":false},"author":2,"featured_media":163638,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-163637","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/163637","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=163637"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/163637\/revisions"}],"predecessor-version":[{"id":163640,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/163637\/revisions\/163640"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/163638"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=163637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=163637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=163637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}