US Bitcoin Mining Report: $4B Revenue, 31,000 Jobs Created in 2024

US Bitcoin Mining Report: $4B Revenue, 31,000 Jobs Created in 2024

TLDR:

• Bitcoin mining operations generated $4.14 billion in annual gross product and created 31,020 jobs across the United States in 2024
• Texas leads mining activity with 40% of national revenue and 12,219 jobs, followed by Georgia with 2,300 jobs and $316 million in revenue
• US-based public miners now control 29% of Bitcoin’s total hashrate, up 50% from previous year
• Mining companies face multiple lawsuits from local residents over noise pollution, including cases against Marathon Digital, Greenridge, and others
• Recent changes in US trade policies are causing delays in ASIC deliveries from Chinese manufacturers due to increased border scrutiny

A new study by the Perryman Group has revealed the scale of Bitcoin mining’s impact on the US economy, showing the industry generated $4.14 billion in annual gross product and created over 31,000 jobs during 2024.

The research, commissioned by the Texas Blockchain Council and the Digital Chamber, provides a detailed look at how cryptocurrency mining is changing the American economic landscape.

The report shows that Bitcoin mining companies spent $10.56 billion across their US operations in 2024. These expenditures resulted in $2.58 billion in income for workers both directly employed by mining operations and in related industries.

Building on our previous insights, the following provides a deeper look at the findings from the @PerrymanGroup study, commissioned by the @TXblockchain_ and @DigitalChamber.

The report highlights the continued economic contributions and energy benefits of bitcoin mining in… pic.twitter.com/rhdFME23sZ

— Texas Blockchain Council (@TXblockchain_) February 15, 2025

Texas continues to dominate the American mining landscape, accounting for 40% of the country’s mining revenue. The state saw the creation of 12,219 new jobs in the sector, with mining operations generating $4.23 billion in total expenditures and $1.67 billion in gross product.

Georgia has emerged as a surprise contender in the mining industry, securing second place with 2,300 jobs created and $316 million in revenue. This puts Georgia ahead of traditional mining centers like New York and North Dakota.

The industry’s growth has been particularly strong among public companies. According to a separate report by AB Bernstein, publicly listed American miners have increased their share of the global Bitcoin hashrate to 29%, representing a 50% increase over the past year. This growth has been attributed to these companies’ easy access to capital, land, and power resources.

Challenges

Multiple lawsuits have been filed against mining operations across the country, primarily focusing on noise pollution concerns. Marathon Digital faces legal action in Texas, where residents claim the company’s mining rigs create “intolerably loud noise conditions” that have led to health issues for nearby residents.

Similar legal challenges have been raised against other major players in the industry, including Greenridge, GMO Internet, and Red Dog. These cases highlight the growing tension between mining operations and local communities.

The relationship between miners and power grid operators has also become complicated. In Texas, the Electric Reliability Council of Texas (ERCOT) has paid millions to miners to shut down their equipment during peak demand periods. Some miners have earned over $10 million monthly through these arrangements.

This practice has drawn criticism from various stakeholders, leading to legislative action. A bill in the Texas Senate, which has received broad support, aims to end these agreements between ERCOT and mining operations.

Recent political developments have introduced new uncertainties for the industry. While Donald Trump’s return to power is expected to boost mining prospects in some ways, his administration’s trade policies are creating new challenges.

Mining companies are experiencing delays in receiving equipment from Chinese manufacturers. Sources at major mining firms have reported that ASIC shipments from companies like Bitmain are facing increased scrutiny at US borders, leading to longer delivery times.

Despite these challenges, the Perryman Group report emphasizes the positive impact mining operations have had on local economies, particularly in rural areas. These companies serve as major employers and taxpayers in their communities.

The report also highlights the industry’s role in grid stabilization, noting that miners can adjust their power consumption based on grid demands. This flexibility allows them to help maintain grid stability during periods of high energy demand.

According to the Texas Blockchain Council, mining operations contribute to energy innovation by utilizing stranded energy sources and adapting their consumption patterns in real-time to support grid stability.

Financial data shows total expenditures at the national level reached $10.56 billion, with $4.14 billion in gross product and $2.58 billion in generated income across all mining operations in the United States.

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