Bitcoin mining power increased by 41% in 2022

Experts from the Hahrate Index conducted their research on the state of affairs in the cryptocurrency market in 2022. The beginning of last year was quite depressing in the field of mining the flagship cryptocurrency for US miners. On January 1, the hash rate fell from $246.86/Ph/day to a yearly low of $55.94/Ph/day.

There, the level of production was affected by a significant rise in the price of electricity. This trend has been seen in many states, but not all. Washington and Texas have maintained favorable conditions for mining, refusing to raise the cost of electricity consumed.

In these states, the previous pricing policy was maintained due to powerful generators at hydroelectric power plants and the use of renewable sources as an energy source.

If in 2021 the cost of electricity was $0.055/kWh, by 2022 this figure has increased to $0.075/kWh. Although the growth was tangible, however, such a cost is still considered acceptable.

The above circumstances made it possible to increase the hash rate for 2022 by 41%. Every month, more and more new active miners were observed, and in general, Bitcoin mining activity was taken to a new level. In addition to the arrival of new faces in the BTC mining industry, active members of this community upgraded their equipment and also made a big contribution to Bitcoin mining.

Texas has received the status of the most valuable region in American mining. There, the bitcoin mining process was so efficient that during the sharp drop in temperature in December 2022, many miners were left without electricity and allowed to save about 1,500 MW, which significantly affected the hash rate. As of December 24-25, the level of production of the flagship cryptocurrency fell by 30%. It was also calculated that, on average, mining in Texas accounts for one in seven bitcoins in the world.