New York Becomes First Choice for Bitcoin (BTC) Mining

New York Becomes First Choice for Bitcoin (BTC) Mining

  • New York becomes the most desirable state in the U.S for BTC mining .
  • 20% of BTC hash rates originate from New York .
  • AVailability of renewable energy and cooler climate are major factors.

The China BTC mining ban has completely turned the Bitcoin (BTC) mining industry overall. With China now out of the game, now the U.S leads the world in BTC mining. In spite of this, of all the states in the U.S, the state of New York, becomes the most derided for BTC mining. 

Accordingly, the survey report states that 20% of the has rated for BTC mining is from New York, followed by Kentucky with 18.7%, Georgia with 17.3%, and Texas as the fourth with%.

New York’s BTC Mining Surge 

The Foundry USA, a finance-based advisory company in the U.S gives out reports from a survey stating that New York tops as the best place for BTC mining. Moreover, upon the survey, Foundry USA did not take into account all the mining farms in the USA. Rather they surveyed only the prominent ones in major cities.

Furthermore, the CEO and Co-founder of Castle Island Ventures, Nic Carter states that only those who used Foundry USA were taken into the survey. This has clashed out many reputed mining farms like the Riot Blockchain mining firm and much more.

In addition, Carter states the state of New York proves to be the best as a result of the survey. Also, the highlight of New York is the state’s availability of renewable sources of energy in abundance such as hydroelectricity.

Besides, the cooler climate compared to the other states is another major reason, which lessens the cost of cooling facilities and power supply. Also, the CO2 emissions in New York are comparatively the lowest too. 

Texas Neglected

However, many analysts debate that Texas should deserve the title as many of the mining firms in the state were not taken into account. 

Accordingly, Texas has it all in the bundle, such as BTC favoring politicians, renewable wind-source electricity, vast abundant land areas, lower energy prices, and much more. 

On the other hand, Texas was the first place of choice for all the mining firms in China, when they decided to relocate at first. 

Besides, the executive from the Luxor Mining firm, Alex Brammer states that the cost of power in West Texas couldn’t be compared to anywhere else in the world. 

The post has appeared first on thenewscrypto.com

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