Texas shines as the hub of American Bitcoin mining.
The latest Hashrate Map by Foundry USA places Texas at the forefront of the Bitcoin mining landscape in America.
According to the data collected from July 21st to 27th, 2023, the state holds 28.5% of the country’s total Bitcoin hash rate.
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For context, a hash rate is a measure of the computational power that miners apply to validate transactions and create new blocks on the Bitcoin network.
Texas wasn't always the leader in this domain. A snapshot from December 2021 showed that Texas had only 8.43% of the nation's Bitcoin hash rate, trailing behind states like Georgia, which had a commanding 34.17% at the time. This significant shift indicates the state's growing prominence in the Bitcoin mining sector, largely due to its favorable energy costs and regulations.
The Energy Information Administration reports that as of January 2023, the state’s average residential electricity rate was $0.14 per kilowatt-hour (kWh), an 8.3% discount compared to the national average.
As of July 2023, the global Bitcoin hash rate hit a high of 400 exahashes per second (EH/s), nearly doubling from 174 EH/s at the end of 2021. The figures from Foundry USA highlight how more US states are entering the Bitcoin mining scene, but none as decisively as Texas.
The data becomes even more intriguing when considering Texas's ongoing power curtailment programs. During the past year, large energy consumers, including Bitcoin miners, had to scale back their energy use to help balance the grid. This implies that the actual hash rate contribution from Texas could be even higher than reported.
Texas has rapidly ascended the ranks to become a leading hub for Bitcoin mining in the United States, backed by data from Foundry USA. The state benefits from competitive energy prices and a regulatory environment conducive to cryptocurrency operations, making it a hotspot for miners.
