After the Chinese government declared all crypto-related financial transactions illegal and banned mining altogether, Bitcoin miners began to look for new places for themselves.
Data from Foundry USA, the largest mining pool in North America after the exit of miners from China, revealed that the Bitcoin hash rate has started to increase in US states.
On October 8, at the Texas Blockchain Summit, Castle Island Ventures co-founder Nic Carter revealed the Foundry data.
According to the data, 19.9% of the hash rate is in New York, 18.7% in Kentucky, 17.3% in Georgia and 14% in the state of Texas.
Regarding Carter data “This is the first time we really understand where the state-level miners are. This data is more effective… it confirmed the mining location in the USA.” said.
The Foundry data covers only a fraction of the hash rate data in the US. In this context, it should be noted that the hash rates of the states may also vary.
Carter pointed out that most of the states with the highest hash rate are in the epicenter of renewable energy, noting that not all states in the USA use renewable energy.
According to the latest data from the US Energy Information Administration, New York State, which ranks first in hash rate, produces one-third of its electricity from renewable energy sources.
The state is also the country’s third largest hydroelectric producer. Combined with the cold climate of New York, this data makes New York an ideal place for Bitcoin mining.