New York and Texas are winning the battle to attract bitcoin miners

War is raging between regions to attract bitcoin miners, and new data indicates that many are heading to New York, Kentucky, Georgia and Texas.

In the United States, 19.9% ​​of bitcoin has been mined – that is, miners’ joint computing power – in New York, 18.7% in Kentucky, 17.3% in Georgia, and 14% in Texas, according to Foundry USA. The largest mine in North America and the fifth largest in the world.

A mining pool allows one mining hash to combine energy with thousands of other miners around the world, and there are dozens to choose from.

“This is the first time that we have a real understanding of the state of miners, unless you want to mix and match all public documents and find out that way,” said Castle co-founder Ni Carter. Island Venture presented by Foundry at the Texas Blockchain Summit in Austin on Friday. “This is a very effective way to find out where mining is in the United States.”

But as Carter points out, not all US-based mines register the services of this pool, so the underlying database does not count for all U.S. mining hashtags. For example, Riot Blockchain, one of the largest trading companies in the United States, is located in Texas. They do not use the Foundation, so their hashtags are not included in this database – this is part of the reason for the weakening of Texas mining.

Although the data collection covers only a portion of the country’s domestic mining market, it represents a trend that is reviving the debate over carbon footprint.

Renewable energy centers are one of the many high-profile states, and the fact that bitcoin has begun to renew its narrative among skeptics is bad for the environment.

While Carter acknowledges that the U.S. mining industry is not completely renewable, he says the miners here are much better at choosing renewables and purchasing compensation.

“Migration is generally positive,” he said. Moving to the United States has a very low carbon footprint.

Where did all the miners go?

When Beijing decided to kick off all your Crypto mining kicks this spring, half of the bitcoin network went dark overnight. Although the network itself did not jump a single beat, the event stopped the largest bitcoin mine ever seen.

The base database shows the largest bitcoin mining in some renewable states – a game changer for the debate on the environmental impact of bitcoin.

Because miners compete in the low-margin industry, where the only variable value is traditional energy, they are motivated to switch to the world’s cheapest energy sources — which will also be renewable.

Take New York, which leads the Foundry level. According to the latest data from the United States Energy Information Administration, the state is the third generation of renewable energy.

New York considers its nuclear power plant to be 100% carbon free, and, importantly, New York produces more hydroelectric power than any other state east of the Rocky Mountains. It was the third largest hydroelectric producer in the country.

New York’s cold climate – as well as the ripening of previously abandoned industrial infrastructure – make it an ideal place for bitcoin mining.

For example, Crypto Mining Coinmint operates facilities in New York, in the former Alcoa aluminum dye in Massena, which generates abundant wind energy in the area, and cheap electricity from dams on the St. Lawrence River. Massage Station, with 435 MW transformer capacity, is one of the largest in the United States – Bitcoin as one –

New York was considering legal bans on bitcoin this year for three years to conduct an environmental assessment to measure greenhouse gas emissions. Legislators have since largely returned it.

Bitcoin mining in New York is actually very low in carbon strength, in terms of hydropower, and as a result, if New York bans bitcoin in the country, it may increase the carbon strength of the bitcoin network as a whole. Said Carter. It will be exactly the opposite of what they want.

Other states that play a major role in the US bitcoin mining industry include Kentucky and Georgia.

The governor of Kentucky is friendly to the industry, and after enacting a tax exemption for crypto mining this year, the state is also known for its hydroelectric and wind power.

Connecting power generators, such as natural gas wells, to other sources of power is another source of energy. Although coal is a major player in the energy mix, there is a lot of mining out there for renewable energy.

And then there’s Texas

According to Texas, it may be ranked 4th, but many experts believe that there is no question that miners are now in the lead.

Some of the biggest names in bitcoin mining have set up a shop in Texas, including Riot Blockchain, a 100-hectare site in Rockdale, and a Chinese mining company on the road.

For new ACC orders – a special tool for simplifying new bitcoin – shows that tens of thousands of additional machines will be provided in Texas, Block Cryptoco.

Texas’s appeal goes down to a few big foundations: Crypto-friendly legislators, a real-time cost-adjusted power grid, and perhaps most importantly, renewable energy, as well as closed or burned natural gas.

The red carpet control for advanced miners is also highly predictable for the industry, according to Alex Brammer of Luxor Mining.

“It is an attractive environment for miners to invest large sums of money,” he said. Land deals and power procurement agreements are very common at various stages of negotiation.

Some miners plug their tools directly into the grid to generate power. ERCOT, the Texas grid operator, has the cheapest utility solar in the country at 2.8 cents per kilowatt hour. The grid also quickly increases wind and solar energy.

“You can’t beat energy prices in West Texas, and when you connect it with a trained energy management company that can manage demand response programs, it’s almost unparalleled anywhere in the world,” Brammer said.

Uncontrolled grids have the best economy for miners, because they can buy space energy.

“They can participate in the economy, which means that when prices go up, they stop buying electricity, so if you are active in the space market, you will be more flexible,” Carter said.

Another major energy trend in bitcoin mining in Texas is the use of natural gas “refined” natural gas, which reduces greenhouse gas emissions and generates revenue for gas suppliers and miners.

Carter said that if this was fully utilized, burning gas in Texas alone could power 34% of the bitcoin network today – making Texas not only the leading leader in bitcoin mining in the United States, but also in the world.

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