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Georgia is becoming an attractive area for US Bitcoin miners (report)


The state of Georgia could become the next hub for cryptocurrency miners as it offers relatively low electricity prices and a large amount of nuclear and solar power, a new report revealed. In addition, local regulators have shown a friendly attitude towards this side of the digital asset industry. Could Georgia Become The Crypto Mining Capital Of The US? Until last year, things didn’t look so positive for cryptocurrency miners looking to position their businesses in the Southeast state as energy prices were skyrocketing. At the same time, most green power providers did not want to deal with the digital power field. According to a recent report from Bloomberg, the current situation looks very different as the head of the Georgia electricity company approved an exciting plan in late 2021. Reportedly, the old data center would continue to buy electricity from a major utility, while 15,000 mining machines could buy that power at about half the normal price. Matt Schultz – chairman of Bitcoin miner CleanSpark – highlighted the state’s efforts to boost the digital asset universe: “Ultimately, Georgia wants this company here. They have done everything they can to grow Bitcoin in the state.” Georgia doesn’t just attract miners with its relatively low energy prices. It also supplies a large amount of nuclear and solar energy, enabling entities to label themselves as sustainable and green-oriented. At the same time, the state’s watchdogs guide miners into various programs, allowing them to offset their emissions with renewable energy credits. They also provide access to day-ahead power prices, giving companies plenty of time to speed up their operations in the event that rates rise. With the above in mind, it’s no wonder that Bitmain Technologies pledged a few months ago to bring another 56,000 miners to Georgia. Last October, Foundry USA estimated that New York is the most attractive state for BTC mining companies. The region is an epicenter of renewable energy, while the cooler climate is also a key factor miners are looking for. At the time, Georgia was in third place, accounting for 17.3% of the total hash rate. The US is the world leader The total ban on all cryptocurrency efforts, imposed by the Chinese government last summer, sparked a massive turnaround in terms of Bitcoin hash rate share. Data from Cambridge University shows that the United States of America is responsible for about 35% of the global hash rate. Kazakhstan is second with 18.1%, while the Russian Federation is third with 11.2%. SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and get $100 Free and 10% Off Fees on Binance Futures First Month (Terms and Conditions). PrimeXBT Special Offer: Use this link to register and enter POTATO50 code to receive up to $7,000 on your deposits.
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