Texas made up 8.43% of the hashrate in the U.S as of the end of 2021, and that percentage has grown to 28.50% as of July 27, 2023.
Whereas traders eagerly await the halving, hoping for a potential spike in bitcoin's price, it represents a direct hit to revenues for miners, as they will receive 50% less bitcoin for every block they verify. In a capital-intensive industry with already tight margins, the reduced reward has the potential to prove apocalyptic for some operators.
Without a commensurate surge in bitcoin's price to counterbalance the diminished block rewards, many mining outfits — especially those burdened by rising energy costs, paying down on machines bought at peak pricing in 2021 — could get obliterated overnight. "Foundry is in this for the long haul," said Zhang."We're taking a long-term bet on bitcoin and on the fact that bitcoin mining will survive and will bounce back even stronger."
Foundry opted to show states even with small amounts of hashrate — an industry term used to describe the computing power of all miners in the bitcoin network — to demonstrate that mining is happening across the country on the Foundry USA Pool.The new data also confirms that Texas has cemented its position as the crypto capital of the United States, as miners flock there for abundant clean energy and a permissive regulatory environment.
Texas has grown to dominate bitcoin mining partly because of support from local authorities and the operator of the Texas energy grid, ERCOT. ERCOT has historically struggled with fluctuating energy prices and sporadic service, so it strikes deals with flexible energy buyers like bitcoin miners to help keep excess energy online during low-demand cycles, then offers incentives for miners to stop their work, allowing that excess energy to flow back to the grid when demand is high.
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