Since China expelled miners in the summer of 2021, North America has undoubtedly become the computing hub securing the bitcoin network.
While some may argue that this migration brings the same likelihood of centralization risk because the hashrate just moved from one place to another, the drastically different political landscape in the U.S and Canada has helped shape a more distributed power capacity for mining.
For this reason, we have visualized a mining power capacity distribution map in North America based on the region’s most recent financial statements and investor presentations of public mining companies.
The data comes from 17 public mining companies: Argo, Applied Digital, Bitfarms, Bit Mining, Cipher, CleanSpark, Core Scientific, Digihost, Greenidge, HIVE, Hut8, Iris Energy, Mawson, Riot, Stronghold, and Terawulf.
We also included two pending listings, BitDeer and Rhodium Enterprises, and USBTC, which is merging with Hut8 and has purchased assets from the now-bankrupt Compute North that was hosting equipment for companies including Marathon, Bit Digital, and BitNile. There are several others that we should have included such as Griid, DMG, and Cathedra but we were unable to find their power capacity breakdown by location.
The data for most of the companies were as of Q4’22 or at least Q3’22. Our samples’ self-mining and hosted hashrate capacity represented about 40% of the network hashrate and their total operational power capacity amounts to over four gigawatts.
As for the geographical distribution, while the states of Texas and Georgia are taking the top two spots, many other states and provinces also accounted for significant shares. To put things into perspective, we would point out that in the past, bitcoin hashrate was mostly located in just two Chinese provinces — Xinjiang and Sichuan. Prior to China’s crackdown in 2021, Xinjiang alone was said to have two gigawatts of mining capacity.
This map will be updated approximately every three months based on the quarterly filings of public mining companies. If you think we are missing any notable data points, please email us at research@theminermag.com.