Investing in cryptocurrencies is clearly not for the faint of heart. The value of bitcoin has plunged from its high last fall, and others have followed similarly gut-wrenching paths.
But that does not mean that the revolutionary technology behind them, which allows for innovations such as smart contracts and instant peer-to-peer payments, is not here to stay. Because of that, many states are jockeying for leadership in this emerging industry.
With that in mind, CNBC’s America’s Top States for Business study — which scores all 50 states on a broad range of competitive features — is paying special attention to cryptocurrency under this year’s methodology.
Our crucial Cost of Doing Business category has always included the cost of electricity, a key consideration in this power-hungry industry. This year, our Technology and Innovation category includes a measure of each state’s share of computational power or “hash rate.” And our Business Friendliness category gives special consideration to how states are regulating this increasingly important industry.
Based on those metrics, these ten states are leading the way.
10. Texas
A worker installs a new row of Bitcoin mining machines at the Whinstone US Bitcoin mining facility in Rockdale, Texas, on October 9, 2021.
Mark Felix | AFP | Getty Images
“It’s happening,” Republican Gov. Greg Abbott tweeted last year. “Texas will be the crypto leader.”
He may be right. The Lone Star State is consistently at or near the top for mining capacity, running neck and neck with Georgia. Electricity is affordable even before the special deals available for crypto miners, though the state’s independent power grid has had reliability issues. Texas has begun regulating cryptocurrencies with an eye towards giving them a solid foundation for growth.
Mining capacity: No. 2
Electricity cost: No. 16
Regulation: No. 21 (tie)
9. Kentucky
Jacob Melin stands for a portrait at the offices of Crypto Consulting Group LLC in Louisville, Ky.
Luke Sharrett | The Washington Post | Getty Images
Mining capacity: No. 3
Electricity cost: No. 13
Regulation: No. 21 (tie)
7. (tie) Virginia
Director of Technology, Shawn Dailey holds a power cable during construction of a Bitcoin data center in Virginia Beach, Va.,
Steve Helber | AP
Mining capacity: No. 15
Electricity cost: No. 15
Regulation: No. 6
7. (tie) Idaho
An electric wind farm outside Boise, Idaho, on May 24, 2021.
Aaronp/bauer-griffin | Gc Images | Getty Images
Mining capacity: No. 29
Electricity cost: No. 1
Regulation: No. 6
6. Washington
Washington State Governor Jay Inslee and other leaders speak to the press on March 28, 2020 in Seattle, Washington.
Karen Ducey | Getty Images
Low electricity costs are also a plus in the Evergreen State. Combine that with a strong tech ecosystem, and it is proving to be a draw for miners. This year, Democratic Gov. Jay Inslee signed a new law establishing the Washington State Blockchain Work Group aimed at advancing the new technology and establishing partnerships between the state and the industry.
Mining capacity: No. 8
Electricity cost: No. 6
Regulation: No. 21 (tie)
5. Utah
A pile of Bitcoins are shown here after Software engineer Mike Caldwell minted them in his shop in Sandy, Utah.
George Frey | Getty Images
Mining capacity: No. 23
Electricity cost: No. 3
Regulation: No. 1 (tie)
4. North Dakota
Kevin O’Leary, chairman of O’shares ETFs for O’Leary Funds Management LP, speaks during the Bitcoin 2022 conference in Miami, Florida, U.S., on Wednesday, April 6, 2022.
Eva Marie Uzcategui | Bloomberg | Getty Images
Low costs and smart regulation are making The Peace Garden State fertile ground for crypto, and the effort may be paying off. Last month, mining company Bitzero announced it will build its North American headquarters in North Dakota. The company, whose investors include Shark Tank’s Kevin O’Leary, is aiming to build an environmentally friendly bitcoin mining operation.
Mining capacity: No. 18
Electricity cost: No. 4
Regulation: No. 4
3. Oklahoma
An engineer inspects a Sapphire Technology Ltd. AMD graphics processing unit (GPU) at the Evobits crypto farm in Cluj-Napoca, Romania, on Wednesday, Jan. 22, 2021.
Akos Stiller | Bloomberg | Getty Images
German high-performance computing company Northern Data, which leverages its crypto mining capabilities to create data centers around the world, has chosen Pryor, Oklahoma, east of Tulsa, for its North American headquarters. The Sooner State offers low costs, and its regulations, while still a work in progress, are friendly.
Mining capacity: No. 10
Electricity cost: No. 8
Regulation: No. 6 (tie)
2. Wyoming
Blockchain-based payments firm Ripple Labs has registered a business in Wyoming where there are more ‘crypto-friendly’ laws.
STRF/STAR MAX/IPx | AP
Another state that is better known for other types of mining, The Cowboy State is aiming to be the crypto state. Wyoming has enacted dozens of laws to attract the industry, including a framework to charter crypto banks. The state also offers some of the lowest electricity costs in the nation. Wyoming Senator Cynthia Lummis (R), who owns crypto, has been a major backer of crypto legislation in D.C.
Mining capacity: No. 20
Electricity cost: No. 2
Regulation: No. 1 (tie)
1. Nebraska
Nebraska, Kearney, Great Platte River Road Archway over Interstate 80, Bison Sculpture in Foreground.
Bernard Friel | Universal Images Group | Getty Images
Mining capacity: No. 7
Electricity cost: No. 10
Regulation: No. 6 (tie)
These 10 states are leading America in creating a crypto economy & Latest News Update
These 10 states are leading America in creating a crypto economy & More Live News
All this news that I have made and shared for you people, you will like it very much and in it we keep bringing topics for you people like every time so that you keep getting news information like trending topics and you It is our goal to be able to get
all kinds of news without going through us so that we can reach you the latest and best news for free so that you can move ahead further by getting the information of that news together with you. Later on, we will continue
to give information about more today world news update types of latest news through posts on our website so that you always keep moving forward in that news and whatever kind of information will be there, it will definitely be conveyed to you people.
These 10 states are leading America in creating a crypto economy & More News Today
All this news that I have brought up to you or will be the most different and best news that you people are not going to get anywhere, along with the information Trending News, Breaking News, Health News, Science News, Sports News, Entertainment News, Technology News, Business News, World News of this made available to all of you so that you are always connected with the news, stay ahead in the matter and keep getting today news all types of news for free till today so that you can get the news by getting it. Always take two steps forward
Credit Goes To News Website – This Original Content Owner News Website . This Is Not My Content So If You Want To Read Original Content You Can Follow Below Links