Bitcoin: Focus shifts to Texas as BTC registers growth in mining activity

Texas, a Bitcoin mining hub, saw a 75% jump in power usage in 2022. Miner revenue per exahash rose 27% on a year-to-date basis. Crypto mining company BitDeer disclosed that it has significantly expanded the developed capacity of its mining site in Texas. According to BlocksBridge, the operational capacity of the Rockdale site was 386 […]

Well, the south-central state of Texas has played a big role in pushing the country to the numero uno spot. After the Chinese authorities launched a crackdown on the industry in 2021, miners made their way to Texas owing to its comparatively low energy prices and lack of regulation., the mining power usage in Texas jumped 75% in 2022 and was nearly triple that of the previous 12 months. Some regions in the state offer tax benefits and miners were attracted to the state’s wind and solar power.

However, the prolonged bear market of 2022 saw miners’ revenue tumble with many of them cutting back expansion plans.to levy a 30% excise tax on the cost of powering crypto mining facilities., the difficulty on the network reached a fresh all-time high at 46.84 T. Due to the rise in difficulty levels, BTC miners had to use more computational power to mine blocks, as the hash rate soared to 338 EH/s.It was evident that traffic on the network increased significantly in 2023 which was driving up the difficulty and hash rate. Miners looked to be in a dominant position as their revenue per exahash rose 27% on a year-to-date basis.

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