New York Is The Top Choice For Bitcoin Miners – Foundry Survey – – Daily Cryptocurrency and FX News

Bitcoin Mining

Data findings conducted across the entire United States suggested that New York is the most attractive state for Bitcoin miners due to its cooler climate and renewable energy.

According to Foundry USA, the financing and advisory company focused on digital asset mining and staking, New York emerged as the most preferred location for Bitcoin miners due to its collectible features.

While announcing the Foundry survey result, Nic Carter, Co-founder of Castle Island Ventures, has mentioned that the research is the first of its kind:

 “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. This is a much more efficient way of figuring out where mining occurs in America.”

Unfortunately, the Foundry survey did not include all US-based mining farms in its data collection. Riot Blockchain, one of the largest mining firms, is the perfect example among the excluded, with the mining giant making a considerable presence in Texas.

But, Carter has admittedly explained that if the mining giant would be part of the survey, the Lone Star State “Texas” could have garnered a higher percentage. According to the report, Riot was excluded in the research simply because it does not use Foundry.

This research featured the most popular epicenters of renewable energy. New York generates much of its electricity from hydropower facilities. Moreover, due to time-to-time downpours, New York has a relatively cool climate. In that case, it is not a surprise that it attracted the attention of Bitcoin miners with almost 20%.

Carter outlined that Bitcoin mining in New York is low in carbon intensity, arguing that banning it would result in more harm to the environment:

“Bitcoin mining in New York is so low in carbon intensity, given its hydropower, and, as a consequence, if New York were to ban bitcoin in-state, it would probably raise the carbon intensity of the bitcoin network overall. It would be the complete opposite of what they wanted.”

The new research had indicated that nearly 20% of bitcoin’s hash rate within the United States is in New York, while Kentucky (18.7%), Georgia (17.3%), and Texas (14%) follow closely.

However, the new survey did not associate the  United States with a more than 35%  global BTC hash rate after China’s crackdown on nearly all miners within its borders.

Texas Justifiably Won The Top Destination

Texas has emerged in the fourth position in the new survey. But, according to many experts, the Lone Star state deserved the top position. Indeed, starting from crypto-friendly politicians, a big chunk of the population in favor of Bitcoin, lower energy prices due to wind-powered electricity, the Lone Star State offers it all.

Moreover, many of the leading names in the cryptocurrency mining industry currently operate in Texas. Riot Blockchain is the perfect example with a 100-acre site in Rockdale.

In the same context, the recent emerging reports suggested that many ousted mining firms from China relocated their operations abroad, with Texas being the most attractive region.

In a previous interview with CNBC, Alex Brammer, an Executive of the cryptocurrency mining pool Luxor Mining, pointed out West Texas as the most suitable mining area. According to him, the combination of large amounts of capital, a substantial size of landmass, and low electricity prices are what pushes it to become the top choice:

“You just can’t beat the cost of power in West Texas, and when you couple that with a skilled power management company that can manage your demand response programs, it’s almost unbeatable anywhere else in the world.”

Source link

Leave a Reply

Your email address will not be published.

GIPHY App Key not set. Please check settings

What do you think?

CNN has added Bitcoin as an official currency alongside the dollar, euro, and yen

Just 10 Days After El Salvador’s “Bitcoin Day”, President Bukele Confirms 1.1 Million Citizens Have Chivo Wallet

The On-Chain Metric That Says Bitcoin Is About To Go “Parabolic”