Energy Freedom Attracts Bitcoin Miners To Some U.S. STATES

Bitcoin mining companies have flocked to the U.S. amid a hashrate exodus away from China, fueled by extensive investments in talent and equipment. In an industry whose profit is highly dependable on the price of power, mining farms deliberately select their location to ensure the highest margins. Some states allow customers to choose their energy providers, enabling lower costs and tailored solutions. Other regions, however, impose mandates, thereby inflating prices and pushing away businesses seeking to create jobs and join a community.

According to data from the Global Energy Institute, states like Texas and Washington have the lowest average price of electricity in the country. Unsurprisingly, both states are among the preferred destinations for bitcoin miners, who flock to where power is cheap since their variable costs are made up primarily of energy.

Texas, Washington, Wyoming, Utah, and a handful of other states provide customers with reliable energy at seven to nine cents per kilowatt-hour (kWh). However, energy prices in the U.S. can climb over to nearly double that in some states of the East and West coasts. California, Connecticut, Maryland, and a few other states bill customers at 15 cents or more per kWh, the highest energy retail price in the country.

Source:bitcoinmagazine.com