New York is the most attractive state for Bitcoin miner, but there is a catch
New York is the most attractive state for Bitcoin miner, but there is a catch
recent investigations have shown that almost 20 %of Bitcoin's hash rate is in the United States in New York, while Kentucky (18.7 %), Georgia (17.3 %) and Texas (14 %) have followed.
New York leads the way
The financing and consulting company- Foundry USA- a survey to find out which American Bitcoin-Minen workers as a location prefer their efforts. Nic Carter - Co -founder of Castle Island Ventures, who presented Foundry's data - said research was the first of its kind:
"This is the first time that we get insights into the position of the miners at the federal level, unless they wanted to search through all public documents and try to find out in this way. This is a much more efficient way to find out where mining takes place in America." However,
Foundry does not contain all mining companies based in the USA in its database. This is the example of Riot Blockchain, one of the largest companies in its industry with a considerable presence in Texas. If it had been part of the survey, the Lone Star State could have had a higher percentage, explained Carter. Riot was not part of research because it does not use Foundry, the report says.
Carter pointed out that BTC mining in the state of New York has such a low CO2 intensity that a ban would actually be more environmentally harmful:
"Bitcoin mining in New York actually has a very low CO2 intensity in view of its hydropower, and if New York Bitcoin in the state would ban, this would probably increase the CO2 intensity of the Bitcoin network as a whole. It would be the complete opposite of what they wanted."
according to a current States not responsible for more than 35% of the global BTC Hash rate after China displaced all miners from its limits.
shouldn't Texas be higher in the ranking?
Texas may have taken fourth place in the survey, but according to many experts it deserves the top position. Crypto-friendly politician, a large part of the population in favor of Bitcoin , low energy prices, wind power: The Lone Star State offers everything.
Some of the leading names in the cryptocurrency mining industry are active in Texas. This is the case with the above riot-blockchain Rockdale has.
Like Kryptokartoffel recently reported , the full ban caused by digital assets in China, caused many local miners to move their activities abroad, with Texas being the most tempting option.
Alex Brammer-an executive of the cryptocurrency mining pool Luxor Mining-pointed out to West Texas as the most suitable mining area. The combination of a lot of capital, a considerable land mass and low electricity prices are that catapults it to the top:
"In West-Texas the electricity costs are simply not to be beaten, and if you combine this with a competent energy management company that can manage your Demand Response programs, it is unbeatable almost anywhere in the world."
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