According to Statista, the U.S. is a leading centre for Bitcoin mining globally, accounting for a major share of the total hashrate during 2019-2022

Crypto mining firm BitDeer revealed that it has considerably extended the developed capacity of its mining site in Texas. As per BlocksBridge, the operational capacity of the Rockdale site was 386 MW in June, which was raised to 562 MW by the second half of 2022, representing a rise of 45 per cent.

The report further stated that much of BitDeer’s growth during the past year was led by the construction in Rockdale. Interestingly, Riot Blockchain, which is the biggest Bitcoin miner as per market cap, also claimed to have 700 MW in developed capacity in the same Texas city.

According to Statista, the U.S. is a leading centre for Bitcoin (BTC) mining globally, accounting for a lion’s share of the total hashrate during 2019-2022.

The south-central state of Texas has played a major role in pushing the country to the top rank. After the Chinese authorities’ clampdown on the industry in 2021, miners made their way to Texas because of its relatively less energy prices and lack of regulation.

According to a Reuters report on March 24, the mining power usage in Texas climbed 75 per cent last year and was around triple that of the previous 12 months. Some regions in the state offer tax benefits and miners were drawn to the state’s wind and solar power.

Though, the extended bear market of 2022 saw miners’ revenue plunge with many of them cutting back expansion plans.

Moreover, the industry faced new regulatory challenges including a proposal to levy a 30 per cent excise tax on the cost of powering crypto mining facilities.

As per data from Bitcoin explorer Mempool, the difficulty on the network reached a new all-time high of 46.84 T.

Because of the increase in difficulty levels, bitcoin miners had to use more computational power to mine blocks, as the hash rate surged to 338 EH/s.

It was evident that traffic on the network rose considerably this year which was increasing the difficulty and hash rate. Miners appeared to be in a dominant position as their revenue per exahash increased 27 per cent on an YTD basis.