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Texas accounts for almost 30% of the total Bitcoin hash rate.

According to the latest Hashrate Map by Foundry USA, Texas currently holds over 28% of all Bitcoin hashing power in the United States.

This updated map reveals Texas as the leading state with 28.5% of the country’s Bitcoin hash rate.

Georgia follows with 9.64%, while New York and New Hampshire account for 8.75% and 5.33% respectively.

The hash rate of Bitcoin reflects the speed at which mining machines perform calculations for valid block hashes.

In December 2021, the distribution of hash rate was different.

At that time, Texas controlled 8.43% of the country’s hash rate, while Georgia dominated with 34.17%.

Kentucky accounted for 12.40% and New York held 9.53%.

The shift in mining activity among U.S. states indicates a broader participation in Bitcoin mining in 2023 compared to 2021.

As of July 2023, the global Bitcoin hash rate reached 400 exahashes per second (EH/s), nearly doubling from its level of 174 EH/s at the end of 2021, as reported by Foundry.

Hash rate map in July 2023.
Hash rate map in July 2023.

Texas Power Curtailment and Bitcoin Hash Rate: Unveiling Potential Underreported Figures

Between July 21-27, 2023, when Texas experienced power curtailment, the data for Bitcoin hash rate was collected.

The report suggests that the actual hash rate in Texas might be higher than what is reported on the map due to the data captured during the curtailment period.

During power curtailment, Bitcoin miners adjust their production to match the energy supply and demand on the grid.

This practice helps balance energy consumption during peak periods.

In Texas, a program incentivizes large energy consumers, including Bitcoin miners, to be flexible with their energy usage.

One of the participants in Texas’ curtailment program is Riot Platforms, a Bitcoin miner.

In August, the company mined fewer Bitcoins compared to July but received over $31 million in power credits from the state.

Texas has emerged as a prominent destination for crypto mining due to its affordable energy costs and favorable regulatory environment.

According to the Energy Information Administration, the state’s electricity prices are below the national average.

As of January 2023, the average residential electricity tariff in Texas was $0.14 per kilowatt-hour (kWh), offering an 8.3% discount compared to the national average of $0.15 per kWh.

These costs are even more competitive for large consumers like crypto miners.

Following China’s crackdown on crypto mining in 2021, Texas has become a thriving hub for large-scale mining operations.

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