Nick Carter, co-founder of Castle Island Ventures, who presented Foundry USA’s data said the survey was a more efficient way of marking the hotspots of mining in America.
“This is the first time we’ve actually had state-level insight on where miners are unless you wanted to go cobble through all the public filings and try to figure it out that way,” Carter said.
“This is a much more efficient way of figuring out where mining occurs in America.”
New York’s hash rate stood at 19.9%, closely followed by Kentucky (18.7%), Georgia (17.3%), and Texas (14%).
Texas may be the real number one
Despite ranking fourth in the nation according to the survey, Texas may just be the most popular state for Bitcoin miners.
Carter said the Foundry dataset does not account for all US mining services, therefore mining companies such as Riot Blockchain – one of the largest publicly traded in the country – is based in Texas but do not use Foundry.
“It is a very attractive environment for miners to deploy large amounts of capital in,” he said.
“The sheer number of land deals and power purchase agreements that are in various stages of negotiation is enormous.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.