Data from Foundry, the largest mining complex in North America and the fifth largest in the world, showed that the US state of Texas has become a hotbed of bitcoin cryptocurrency mining after controlling about 28.50% of the US hashrate rate as of July 2023.
Foundry data continued that Texas has positioned itself as the Bitcoin Capital of the United States, where the country leads in terms of its share in the collective hashrate rate of bitcoin, and the state of Texas accounts for about 8.43% of the hash rate in the United States as of the end of 2021, and this percentage jumped to 28.50% as of July 27, 2023.
On the other hand, the report said that bitcoin mining-friendly states such as Georgia have seen their share of the hashrate rate decrease from 34.17% to 9.64% over the past two years, despite the fact that they offer competitive prices for electricity and renewable energy sources such as solar energy.
The report added that the decline in the hashrate rate in the state of Georgia was driven by the recent growth in mining operations in Texas. As well, New York State has also seen a decrease in the hashrate rate from 9.53% in 2021 to 8.75%.
