New York becomes the most attractive state for BTC miners

New York is becoming the most attractive state for Bitcoin miners because of its cooler climate and renewable energies, as we can see in our latest Bitcoin news coverage.

Recent research shows that around 20% of the bitcoin hash rate in the US is in New York, then Kentucky at 18.7% and Georgia at 17.3%. Foundry USA, a digital asset mining and staking finance company, conducted a new survey to find out which state is the best for miners and what miners prefer for their mining endeavors. Castle Island Ventures co-founder Nic Carter, who presented the foundry data, says the study is the first of its kind:

“This is the first time we’ve got really cutting edge insights into miners’ locations, unless you want to go over all of the public records and try to find out that way. This is a much more efficient way of finding out where mining is happening in the US. “

Foundry doesn’t include all US-based mining farms in their database and in the case of Riot Blockcahin, one of the largest in their field with a large presence in Texas, was included in the survey and showed a higher extraction rate than farms there. Riot was not part of the study as Foundry was not used. It’s worth noting that most of the states at the top of the list are well-known renewable energy companies. New York generates most of its electricity from hydropower plants and has a relatively cool climate. It’s not uncommon for it to grab the attention of 20% of BTC miners.

New York has become the preferred choice, with Carter pointing out that BTC mining in the state is causing so little CO2 that a ban would be more harmful to the environment:

“Bitcoin mining in New York is actually very low in carbon because of its hydropower, and if New York bans bitcoin in the state, it will likely increase the carbon intensity of the entire bitcoin network. It would be the complete opposite of what they wanted. “

According to a recent report, the U.S. state is not responsible for more than 35% of the global BTC hash rate shortly after China expelled all miners from its borders. Texas ranks fourth in the poll, but it definitely deserves the top spot. Crypto-friendly politicians and citizens are all for BTC and low energy prices. Some of the top names in the crypto industry operate in TExas like Riot Blockchain. The complete ban on digital assets in China has led many miners to move abroad, and TExas is the most attractive option.

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