30% of Bitcoin’s hash rate is in Texas, according to Foundry

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The state of Texas has emerged as a major player in Bitcoin mining, accounting for over 28% of all Bitcoin hashing power in the United States. This is according to the latest Hashrate Map by crypto mining service provider Foundry USA. The map shows that Texas leads with 28.5% of the country’s Bitcoin hash rate, followed by Georgia (9.64%), New York (8.75%), and New Hampshire (5.33%). Compared to the previous year, more U.S. states are now involved in Bitcoin mining.

Texas’s rise as a crypto mining hub can be attributed to its favorable energy prices and regulatory framework. The state offers cheaper electricity prices, with average residential tariffs of $0.14 per kilowatt-hour, which is an 8.3% discount compared to the national average. These low costs are especially beneficial for large energy consumers like crypto miners. As a result, Texas has attracted mining operations, especially after China’s crackdown on crypto mining in 2021.

However, it’s important to note that the data analyzed for the Hashrate Map was collected during a period when Texas faced power curtailment. During curtailments, Bitcoin miners reduce their production to balance energy supply and demand in the grid. This program allows Texas to manage energy consumption during peak times and provides incentives for flexible energy use. One notable participant in Texas’s curtailment program is Riot Platforms, which mined fewer Bitcoins in August but received over $31 million in power credits from the state. Overall, Texas’s position as a leader in Bitcoin mining is expected to continue due to its favorable energy conditions and mining-friendly environment.

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