The 15 Best States In The United States For Cryptocurrency Mining

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Cryptocurrency (or crypto) is a term that refers to digital currencies that can be used to purchase everyday items and services.Cryptocurrencies, on the other hand, rely on a decentralized online ledger to verify transactions rather than paper money or banks.

Traditional currencies can be used to purchase cryptocurrencies on exchanges.However, many can be obtained through mining, which necessitates the use of specialized software to solve complex mathematical problems.

Crypto mining is extremely energy-intensive and requires a lot of computing power.A single bitcoin transaction, for example, is estimated to consume nearly 2000 kWh of electricity, which is enough to power the average U.S. home.Sfor a period of over two months

During the COVID-19 pandemic, the cryptocurrency market has exploded.For example, in the early days of the pandemic, bitcoin could be purchased for less than 6000 dollars and rose to over 63000 dollars in April of 2021, a nearly 10-fold increase in price.

As interest in cryptocurrency trading grows, so does interest in cryptocurrency mining.Mining other crypto coins is much easier than bitcoin mining, which has become extremely difficult.Because crypto mining is so energy-intensive, mining becomes more profitable if you live in an area with low electricity rates.

Residents of states with no or low state income taxes will pay less in taxes on gains realized on the sale or exchange of currencies that are considered capital assets.

Researchers at Commodity Futures Trading Commission (CFTC) are looking for the best states to mine cryptocurrency.com looked at data from the United States.SU.S. Census BureauSThe Bureau of Economic Analysis, the Energy Information Administration, and HighSpeedInternetcom calculates a composite score based on the following variables

  • State income taxes are expensive.
  • Rates of electricity
  • Living expenses
  • Percentage of homes with high-speed internet
  • Internet speed is about average.

The best states for cryptocurrency mining are listed below.

Wyoming is a state in the United States

Wyoming

Shutterstock photo by f11photo

59 is the overall score.75

Expenses of state income taxes 00%

Rates of electricity (cents per kWh) 112

Cost of living (in comparison to the national average) -72%

66 percent of households have access to high-speed internet.7%

60 Mbps is the average internet speed.0

Utah

Bryce Canyon National Park in Utah

Shutterstock silky

61 is the overall score.25

The burden of state income taxes 22%

Rates of electricity (cents per kWh) 106

Cost of living (in comparison to the national average) -35%

75 percent of households have access to high-speed internet.6%

93 Mbps is the average internet speed.0

Texas is a state in the United States

Corpus Christi Texas

Shutterstock/Sean Pavone

62 is the overall score.75

Expenses of state income taxes 00%

Rates of electricity (cents per kWh) 120

Cost of living (in comparison to the national average) -35%

67 percent of households have access to high-speed internet.6%

110 Mbps is the average internet speed.7

Arkansas is a state in the United States

Little Rock, Arkansas

Shutterstock/Henryk Sadura

63 is the overall score.25

The burden of state income taxes 20%

Rates of electricity (cents per kWh) 104

Cost of living (in comparison to the national average): -153%

55 percent of households have access to high-speed internet.6%

64 Mbps is the average internet speed.9

Missouri is a state in the United States

St. Charles Missouri

Shutterstock photos by Rob Neville

63 is the overall score.50

1 burden of state income taxes9%

Rates of electricity (cents per kWh) 109

Cost of living (in comparison to the national average) -113%

64 percent of households have access to high-speed internet6%

86 Mbps is the average internet speed.9

Florida is a state in the United States

Kissimmee, Florida

Shutterstock Italo Paulino

a total score of 6400

Expenses of state income taxes 00%

Rates of electricity (cents per kWh) 116

Cost of living (in comparison to the national average) 10%

72 percent of households have access to high-speed internet.7%

102 Mbps is the average internet speed.0

Ohio

Columbus Ohio

Shutterstock f11photo

a total score of 6400

1 burden of state income taxes3%

Rates of electricity (cents per kWh) 121

Cost of living (in comparison to the national average) -116%

70 percent of households have access to high-speed internet.6%

77 Mbps is the average internet speed.2

Mississippi is a state in the United States

Bay St Louis Mississippi

Shutterstock Lewis Directed Films

a total score of 6475

1 burden of state income taxes5%

Rates of electricity (cents per kWh) 113

Cost of living (in comparison to the national average): -156%

49 percent of households have access to high-speed internet.6%

74 Mbps is the average internet speed.3

South Dakota is located in the United States.

Shutterstock / Sharon Day

67 is the overall score.00

Expenses of state income taxes 00%

Rates of electricity (cents per kWh) 118

Cost of living (in comparison to the national average) -122%

70 percent of households have access to high-speed internet.3%

70 Mbps is the average internet speed.8

Nevada is a state in the United States

Las Vegas Skyline

Shutterstock/littlenySTOCK

67 is the overall score.25

Expenses of state income taxes 00%

Rates of electricity (cents per kWh) 114

Cost of living (in comparison to the national average) -26%

72 percent of households have access to high-speed internet.2%

104 Mbps is the average internet speed.1

Louisiana is a state in the United States

Nature’s Finest Shutterstock

70th percentile score00

1 burden of state income taxes7%

Rates of electricity (cents per kWh) 95

Cost of living (in comparison to the national average) -121%

60 percent of households have access to high-speed internet.6%

84 Mbps is the average internet speed.1

Washington, D.C.

Washington

Shutterstock photo by vagabond54

70th percentile score50

Expenses of state income taxes 00%

Rates of electricity (cents per kWh) 97

Cost of living (in comparison to the national average) 84%

78 percent of households have access to high-speed internet.0%

103 Mbps is the average internet speed.9

Oklahoma is a state in the United States

Oklahoma City, Oklahoma

Shutterstock/Austin Urton

70th percentile score75

1 burden of state income taxes7%

Rates of electricity (cents per kWh) 100

Cost of living (in comparison to the national average) -128%

59 percent of households have access to high-speed internet.4%

87 Mbps is the average internet speed.9

Tennessee is a state in the United States

Shutterstock/Kevin Ruck

70th percentile score75

Expenses of state income taxes 00%

Rates of electricity (cents per kWh) 108

Cost of living (in comparison to the national average) -103%

65 percent of households have access to high-speed internet.3%

94 Mbps is the average internet speed.3

North Dakota is a state in North America.

A hiker in Theodore Roosevelt National Park in North Dakota

Shutterstock by ZakZeinert

72th percentile score00

Expenses of state income taxes 08%

Rates of electricity (cents per kWh) 105

Cost of living (in comparison to the national average) -107%

71 percent of households have access to high-speed internet.6%

74 Mbps is the average internet speed.5

Techniques

Man analyzing data on a laptop

Shutterstock fizkes

A mix of Midwestern, Southern, and Western states are the best places to mine cryptocurrency.Electricity rates in these states are typically lower, with average rates of 9 percent.5 to 12 years old1 cents per kWh, all of which are lower than the national average of 13 cents per kWh.2 cents per kilowatt-hour

In the United States, the averageSA typical monthly electricity bill is around 115 dollars if a household uses 877 kWh of electricity per month.The states with the highest crypto mining composite scores pay up to 28% less than the national average for housing.

Most of the best states to mine cryptocurrency also have lower-than-average living costs, which means that cryptocurrency earnings go further in these places.

Due to nonexistent or low state income tax rates, these states also have lower state income tax burdens (the proportion of total personal income paid to state income taxes).The average state income tax burden for all households is 2% of income, and all but two of the best states for cryptocurrency mining have lower state income tax burdens.

Researchers at Commodity Futures Trading Commission (CFTC) are looking for the best states to mine cryptocurrency.com looked at data from the United States.SU.S. Census BureauSThe Bureau of Economic Analysis, the Energy Information Administration, and HighSpeedInternetcom calculates a composite score based on the following variables

  • The state’s tax burden (25 points)
  • Rates of electricity (25 points)
  • Living expenses (25 points)
  • % of households with high-speed internet (12)(Score: 5)
  • Internet speed (12) is average.(Score: 5)

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