The State of Georgia might become the next hub for cryptocurrency miners as it provides relatively low electricity prices and a large amount of nuclear and solar power, a new coverage revealed. Furthermore, local regulators have shown a friendly stance towards this side of the digital asset industry.
Can Georgia Become The Crypto Mining Capital of The US?
Up until last year, things were not looking so positive for cryptocurrency miners who wanted to position their businesses in the Southeast state as energy prices were sky-high. At the same time, most providers of green electricity did not want to get involved with the digital asset field.
According to a recent report by Bloomberg, the current situation looks much different because, at the end of 2021, the head of Georgia’s power board approved an exciting plan. Reportedly, the old data center would continue purchasing electricity from a big utility, while 15,000 mining machines would be able to buy that power at about half the regular price.
Matt Schultz – Chairman of the Bitcoin miner CleanSpark – highlighted the state’s efforts to stimulate the digital asset universe:
“At the end of the day, Georgia wants this business here. They’ve done everything in their power to grow Bitcoin in the state.”
Georgia does not only attract miners with its relatively low energy prices. It also provides a large amount of nuclear and solar power, allowing entities to brand themselves as sustainable and green-oriented.
At the same time, the state’s watchdogs guide miners towards different programs enabling them to offset their emissions with renewable energy credits. They also provide access to day-ahead power prices, so companies have enough time to increase the speed of their operations in case rates are set to spike.
With the above in mind, it is no wonder that several months ago, Bitmain Technologies vowed to bring another 56,000 miners to Georgia.
Last October, Foundry USA estimated that New York is the most attractive state for BTC mining enterprises. The region is an epicenter of renewable energy, while its cooler climate is also a key factor that miners seek. Back then, Georgia ranked third, accounting for 17.3% of the total hash rate.
The USA Is The Global Leader
The total ban on all cryptocurrency endeavors, which the Chinese government imposed last summer, led to a massive flippening in terms of Bitcoin hash rate share.
Data from the Cambridge University shows that the United States of America is responsible for around 35% of the global hash rate. Kazakhstan stands second with 18.1%, while the Russian Federation is third with 11.2%.