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The state of Texas represents over 28% of the total Bitcoin (BTC) hashing power in the United States, as indicated by the most recent Hashrate Map from crypto mining service provider Foundry USA.
The updated map reveals that Texas holds 28.5% of the national Bitcoin hash rate, with Georgia following at 9.64%, New York at 8.75%, and New Hampshire at 5.33%. The hash rate of Bitcoin reflects the speed at which a mining machine functions while attempting to compute a valid block hash.
A snapshot from Foundry’s pool in December 2021 presents a different scenario. At that time, Texas possessed 8.43% of the nation’s hash rate, while Georgia had 34.17%. Kentucky was at 12.40%, and New York accounted for 9.53% of the U.S. hash rate. Compared to 2021, a greater number of U.S. states are engaged in Bitcoin mining this year.
By July 2023, the global Bitcoin hash rate had reached 400 EH/s, nearly double the figure at the end of 2021, which was 174 EH/s, according to Foundry.
Hashrate Map in July 2023. Source: Foundry USA
The data was collected between July 21-27, 2023, during a period of power curtailment in Texas. The report notes that the data obtained during these curtailments suggests that the Texas hash rate could be “higher than what’s reported on the map.”
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During power curtailment, Bitcoin miners reduce their output to align energy supply with demand on the grid. This approach helps to manage energy consumption during peak periods. In Texas, a program offers large energy users, including Bitcoin miners, incentives for adapting their energy usage.
Riot Platforms is one of the Bitcoin miners involved in Texas’ curtailment program. In August, the company mined fewer Bitcoins than in July but earned over $31 million in power credits from the state.
Texas has been developing into a center for crypto mining due to its lower energy costs and favorable regulatory environment. The state’s electricity prices are below the national average, as reported by the Energy Information Administration.
As of January 2023, the average residential electricity rate in Texas was $0.14 per kilowatt-hour (kWh), representing an 8.3% reduction compared to the national average of $0.15 per kWh. The rates are even more favorable for large consumers such as crypto miners.
The state emerged as a significant location for large mining operations following China’s crackdown on crypto mining in 2021.
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