Texas is home to nearly 30% of all Bitcoin hash rate — Foundry

cointelegraph.com:

The U.S. state of Texas accounts for over 28% of all Bitcoin (BTC) hashing power in the United States, according to the latest Hashrate Map by crypto mining service provider Foundry USA. 

The newly updated map shows Texas with 28.5% of all Bitcoin hash rate in the country, followed by the states of Georgia claiming 9.64% hash rate, New York with 8.75%, and New Hampshire accounting for 5.33%. Bitcoin's hash rate represents how fast a mining machine operates when trying to calculate a valid block hash.

A snapshot of Foundry's pool in December 2021 shows a different picture. At the time, Texas controlled 8.43% of the country's hash rate, Georgia had 34.17%. Meanwhile, Kentucky stood at 12.40% and New York held 9.53% of the U.S. hash rate. Compared to 2021, more U.S. states are mining Bitcoin this year.

Overall, by July 2023, the Bitcoin global hash rate had reached 400 EH/s, nearly twice as high as at the end of 2021, when it stood at 174 EH/s, said Foundry. 

The data was pulled between July 21-27, 2023, when Texas faced power curtailment. According to the report, the data captured during curtailments means that the Texas hash rate may be "higher than what’s reported on the map."

During power curtailment, Bitcoin miners lower their production to balance energy supply and demand in the grid. Essentially, it is a way to balance energy consumption during peak times. In Texas, a program grants large energy consumers, such as Bitcoin miners, incentives for being flexible with energy use.

One of the Bitcoin miners participating in Texas' curtailment program is Riot Platforms. In August, the company mined fewer Bitcoin than in July but received over $31 million in power credits from the state.

Texas has been evolving as a hub for crypto