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New York is winning the intra-USA hash war

There is fierce competition within America to see which state can have the highest hash rate and which can attract the most Bitcoin miners.

So far, and it may come as a surprise, New York is leading the way with 19.9% of the US’s Bitcoin hash rate.

New York is closely followed by Kentucky (18.7%), Georgia (17.3%) and Texas (14%).

The “hash rate" is the total combined computational power being used to mine and process transactions on a Proof-of-Work blockchain. In this case, Bitcoin.

It is an important way to measure the strength, or security, of a blockchain network .

"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," said Nic Carter, co-founder of Castle Island Ventures, who presented Foundry's data at the Texas Blockchain Summit in Austin recently.

"This is a much more efficient way of figuring out where mining occurs in America,” Carter added.

Carter said there are some miners excluded from the data, meaning that the true numbers may vary. However, it does serve as an indication of wider trends taking place regarding mining in America.

For example, a number of the high-ranking states are focal-points of renewable energy which serves to reposition the narrative around Bitcoin and its carbon footprint.

"The migration is definitely a net positive overall," Carter said. "Hashrate moving to the U.S. will mean much lower carbon intensity."

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This is especially true as miners departed from China, where around 60% of the mining was powered by coal, on the back of the country’s ban.

It took Bitcoin a few months to reach an all-time-high following as China kicked out 90% of its miners. The network is just as strong and now more decentralised as a result.

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