In recent years, Arizona has become a hotspot for cryptocurrency development in the United States. Its policy environment is relatively friendly; in 2022, the state legislature promoted a bill to explore the feasibility of Bitcoin as legal tender. Although it did not pass, it sent a positive signal. The geographical advantages are significant: the dry climate is conducive to cooling mining machines, and proximity to renewable energy (solar power) provides low-cost electricity for mining. Cities like Phoenix have attracted investments from multiple mining companies. However, environmental controversies and regulatory uncertainties remain challenges. The state is gradually building a regional digital asset hub through tax incentives and technology innovation policies, which may drive local economic transformation and influence the evolution of cryptocurrency regulation in the United States.