The U.S. Bitcoin mining industry now supports over 31,000 jobs and injects $4.1 billion annually into the economy, a Perryman Group report reveals. Texas dominates this growth, contributing $1.7 billion and 12,200 jobs, while Georgia and New York add millions more. Further support is seen from current President Donald Trump. As he pledges to cement America as the global crypto leader, advocating for mining-focused power plants.
Texas Bitcoin Mining Dominance
Texas leads the nation’s Bitcoin mining surge, generating $1.7 billion in annual economic output. Its flexible energy grid attracts miners, who stabilise demand during peak periods.
Georgia and New York follow, contributing $316.8 million and $225.9 million, respectively. Crucially, miners partner with utilities to balance energy loads, earning praise from ERCOT (The Electric Reliability Council of Texas) for aiding grid reliability. Additionally, firms invest in local infrastructure, sponsor events, and fund training programs, boosting community prosperity.
Trump’s Push for U.S. Crypto Supremacy
Donald Trump vows to make the U.S. the “crypto capital of the planet,” linking mining to national security. His 2024 campaign emphasises fossil fuel and nuclear-powered mining plants.
This is beneficial for low-energy-cost states like Texas, Wyoming, and Washington. They are hosting 37.8% of global mining operations. Meanwhile, China’s 2021 crypto crackdown shifted 21.1% of its miners to the U.S., solidifying its industry dominance.
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Energy Debates
Despite economic gains, critics target Bitcoin mining’s 348 TWh annual energy use. Which is 0.55% of global consumption. New York restricted mining over carbon concerns, while federal lawmakers debate emission taxes.
However, innovators now repurpose excess heat for greenhouses and capture methane from oil fields. Moreover, 58% of U.S. miners use renewables, slashing their carbon footprint. Still, profitability hinges on sub-$0.05/kWh energy rates, pressuring smaller operators.
Tech Advances
Cutting-edge ASIC miners now achieve 234 TH/s efficiency, propelling the market toward $8.24 billion by 2034. Bitmain and MicroBT lead hardware production, with equipment sales projected to hit $1.7 billion by 2031.
Riot Blockchain’s Texas farm runs 60,000 rigs across 100 acres. Such advancements help offset rising costs, as the 2028 halving will slash block rewards. Analysts warn profitability may hinge on soaring Bitcoin prices or transaction fees.
Scarcity and Global Demand
With 95% of Bitcoin’s 21-million cap already mined, dwindling supply fuels price speculation. Daily mining yields 450 BTC, a figure some analysts call insufficient amid rising demand.
Consequently, miners brace for the 2028 halving, which will cut rewards to 1.56 BTC per block. Yet, industry optimism persists, driven by AI integration and greener practices. As Trump’s vision gains traction, the U.S. cements its role as the sector’s epicentre.
Written By Fazal Ul Vahab C H
