Since China’s crackdown on the cryptocurrency mining industry, the center of global Bitcoin mining has shifted to the United States. While many miners have relocated to Texas, a new hotspot has emerged, America’s Southeast.

Since the Southeast US is home to highly attractive regulations and energy prices, a growing number of Bitcoin mine hosting and self-miners are migrating to and setting up shop there.

Foundry, a cryptocurrency company says Georgia is now emerging as a go-to Southeast US state for crypto-mining companies. Foundry says there’s been a near doubling of computing power in Georgia since just the third quarter of 2021 alone.

Bitcoin miner, CleanSpark (CLSK), for example, has located some of its biggest mining operations just outside Atlanta. The company had a rough go until the head of the State’s power board allowed a plan for 15,000 of the company’s mining machines to be powered by cleaner energy, sold by a non-profit power generation organization… for roughly half the price of utility grid costs.

Matt Shultz, the executive chairman of CleanSpark said, “At the end of the day, Georgia wants this business here… They’ve done everything in their power to grow Bitcoin in the state.”

But it’s not only Georgia that’s incredibly friendly to Bitcoin miners.

Other Southeast states like North Carolina and South Carolina are getting in on the action as well, giving Texas a run for its money.

BlockQuarry Corp. (BLQC), with Bitcoin mine hosting and self-hosting operations in Gaffney, South Carolina is also taking advantage of the Southeast’s regulatory and cost-effective energy environment.

Alonzo Pierce, President and Chair of BlockQuarry said, “The Southeast US could become the world’s top destination for Bitcoin mining. While Texas is still a highly attractive state to operate in, our corporate headquarters are in Houston, places like South Carolina are quickly catching up.”

While the Foundry data show an increase in computing power in the Southeast US, and offers insight into where miners are relocating to, the data also show where miners are fleeing.

As Foundry notes, in the same timeframe where Georgia doubled its computing power, places like New York have seen their share slashed in half.

Right now, hundreds of thousands of Bitcoin and other crypto-mining machines are operating in the United States. Because of a far more friendly regulatory environment than places like China, more Bitcoin hosting and mining companies are expected to take advantage.

With an influx of miners, America’s Southeast could become a global Bitcoin hotspot. And it could happen in a very short amount of time.

Read more about emerging Bitcoin mining destinations, Here.

Source: https://fortune.com/2022/02/07/georgia-hot-spot-bitcoin-mining-us-crypto-energy/