Bitcoin miners flock to New York

Nearly 20% of Bitcoin’s hash rate within the United States falls in New York – the highest rate recorded in the country, a survey says.

Foundry USA, a financing and advisory company focused on digital asset mining and staking, aimed to find out which states American Bitcoin miners preferred.

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.

Chinese miner Bitdeer built a mining centre in Rockdale, Texas and Alex Brammer of Luxor Mining explained why the Lone Star State was an extremely attractive location for Bitcoin miners.

“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.”