Digital currency mining requires a lot of electric power and the power rates differ in every state.
Based on CESCO’s latest study of the cost of cryptocurrency mining across the US, it is currently cheapest to mine Bitcoin in Louisiana — electricity costs at 9.87 cents per watt puts the average cost of mining one Bitcoin at $3,224.
This is significantly cheaper than the current price of Bitcoin, which is currently trading at around $12,000 per coin, as of press time.
Where else in the US is it cheap to mine?
In their study, CESCO also estimated the cost of Bitcoin mining based on the wattage consumption of the three most popular mining rigs, namely, the AntMiner S9, the AntMiner S7, and the Avalon 6, as well as the average days each rig takes to mine a token. These figures were then multiplied by the average electricity rate in each state.
Aside from Louisiana, the other top five states with the lowest cost to mine Bitcoin are Idaho ($3,289 per token), Washington ($3,309), Tennessee ($3,443) and Arkansas ($3,505).
The study also names the most expensive states for digital currency mining. The list of costliest states is led by Hawaii, which takes an average mining cost of $9,483 per coin.
Rounding up the top five states with the highest Bitcoin mining rates are Alaska ($7,059), Connecticut ($6,951), Massachusetts ($6,674) and New Hampshire ($6,425).
The growing interest in cryptocurrency has been accompanied by growing concern over the energy required to mine crypto, namely Bitcoin. Such claims have been recently countered, as a report came out claiming that put cryptocurrency mining in the larger context of energy consumption.