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US Takes the Top Place as Bitcoin Mining Destination Eclipses China By CoinQuora

by Mike Robinson

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© Reuters. US takes the top spot as Bitcoin Mining Destination Eclipses China
  • Top spot for Bitcoin mining destinations was taken by the United States.
  • The US accounts for one third of bitcoin’s hash rate, according to the Cambridge Center for Finance.
  • There are four US states with the highest distribution of bitcoin hast rates.

Cambridge University has released data that shows the US is currently the most popular destination for Bitcoin miners on Wednesday. It is China’s first defeat.

According to the Cambridge Center for Alternative Finance report, 35.4% of bitcoin’s hashrate of the collective power for miners is in the US. It was remarkable to see an increase of 428% over September 2020.

Additionally, the US has the fourth highest distribution of bitcoin hashrate. Most bitcoin miners travel to New York and Kentucky. However, many states have high levels of renewable power. This could have influenced the perception that Bitcoin is bad for our environment.

Many miners have moved to these states due to their cheap, renewable power. For example, data from the US Energy (NASDAQ:) Information shows that a third of New York’s in-state generation comes from a renewable source.

Kentucky was home to the second highest hash rate. The state is known for its high levels of hydroelectricity and wind power. A law was also passed by the state government that allows crypto mining to be exempt from certain taxes.

Although Texas placed fourth in this ranking, experts think it’s the best mining destination within the US. Riot Blockchain, a Chinese mining service platform Bitdeer and Riot Blockchain are just a few of the mining giants that the US has.

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