Bitcoin mining not only contributes to job growth, but also brings many broader economic benefits. According to estimates, Bitcoin mining farms have contributed more than $4.2 billion to US GDP.
The Bitcoin mining industry has contributed to the creation of more than 31,000 jobs across the United States. Although it still faces many challenges, Bitcoin mining has a positive impact on the economy.
According to the Texas Blockchain Council, 12 US states: Texas, Rest of US, Pennsylvania, North Dakota, New York.... accounting for the majority of Bitcoin mining. In particular, Texas is home to the most jobs, with more than 12,200 jobs created by Bitcoin mining and the industries that support the mining sector.
The annual economic benefits of Bitcoin mining. Source: Texas Blockchain Council
Tens of thousands of jobs created in this industry have brought significant income to workers, with total annual salaries amounting to $2 billion. Many areas in the US, especially those with cheap electricity, have become hotspots for Bitcoin mining activities.
Furthermore, Bitcoin mining farms are increasing the use of renewable energy sources, contributing to reducing environmental impact. Many businesses in the industry are partnering with clean energy providers to reduce their dependence on fossil fuels.
During the 2024 US presidential campaign, Donald Trump has repeatedly emphasized his ambition to make the US the "crypto capital of the world" and a leader in the field of artificial intelligence (AI). According to Mr. Trump, this is a national security issue.
Both of these sectors require huge amounts of energy and additional infrastructure. President Trump announced that he would put them on the list of national priorities, and pledged to build more power plants at mining sites.
He also emphasized the relaxation of some regulations that are considered unreasonable and the use of fossil energy sources to produce electricity, in addition to the use of nuclear energy. According to Trump, to maintain its leading position in cryptocurrency mining and AI, the United States needs at least twice the current amount of electricity.
These massive energy requirements have prompted tech companies and cryptocurrency miners to look for alternative renewable energy solutions, including nuclear power.
In October 2024, Google signed an agreement with Kairos Power, a nuclear energy engineering company, to develop a small-scale nuclear reactor for AI operations.
It is expected that the project will be put into operation before 2030. Small-scale nuclear reactors are emerging technologies, which can be built on site and small enough to be transported by 18-wheeled trucks.