New York and BTC miners - what's wrong?

New York and BTC miners - what's wrong?

The cooler climate, as well as the availability of renewable energy sources in New York State, has led to it being called the best choice for American Bitcoin miners.

As recent studies show, about 20% of the American BTC hash rate is currently recorded in the state of New York. Kentucky is in second place with an indicator of 18,7%, Georgia is in third place with 17,3%, and Texas is in fourth place with a BTC hashrate in the United States of 14%.

The survey was conducted by Foundry USA, a digital asset mining and staking company, cryptopotato reports. Its goal was to find out which states American miners prefer to conduct their activities. This data was voiced by the co-founder of Castle Island Ventures Nick Carter, who noted that such a study is the first of its kind. He also explained that such a mechanic is much more effective for determining the states in which the main shares of mining are concentrated.

New York and BTC miners - what's wrong?

It should be borne in mind that Foundry does not include all mining farms in the country in its database. For example, the calculations did not take into account the data of the largest industry company Riot Blockchain, located in Texas. If included in the study, Carter explained, Texas would have a higher percentage. They do not use Foundry, so their hashrate is not counted towards the aggregate dataset.

It's worth noting that most of the top-ranked states are known as renewable energy hubs. For example, New York generates most of its electricity from hydroelectric power plants. In addition, a fairly cool climate prevails here. All this leads to the results of the study, according to which the state attracted the interest of almost 20% of American BTC miners.

Carter even drew attention to the fact that the production of the oldest cryptoasset in New York State is so low in terms of CO2 emissions that a ban on it could end up being more harmful to the environment, as, he said, such a ban could lead to an increase the carbon intensity of the BTC network as a whole.

According to a recent report, the United States is now responsible for over 35% of the world's BTC hashrate after China kicked all miners outside its borders.

Why is Texas only fourth?

Many experts believe that the 4th position in this study is too low for Texas, which deserves higher marks. There is a digital asset friendly policy, affordable energy prices and wind-generated electricity for crypto assessors.

In addition, the state boasts the location of major crypto mining companies, such as the aforementioned Riot Blockchain.

We have already said more than once that the ban on mining in China led to the fact that many miners changed their location and moved to other regions, among which Texas turned out to be one of the most attractive and tempting ones.

A similar opinion was voiced by the head of the Luxor Mining cryptocurrency mining pool, Alex Brammer, who called West Texas the most suitable region for mining. According to him, the championship in this race should belong to the region for a combination of serious capital, a significant area of ​​land and low prices for electricity.