Bitcoin Mining Adds $4B and 31,000 Jobs to US Economy, Report Finds

Bitcoin mining has created over 31,000 jobs and generated more than $4.1 billion in gross product annually for the U.S. economy, according to a recent report by the Perryman Group.

The report, commissioned by industry non-profits the Texas Blockchain Council and the Digital Chamber of Commerce, was recently published by the economic research firm Perryman Group.

Once considered a niche industry, Bitcoin mining now plays a crucial role in both local and national economies, the report finds. “Bitcoin mining companies serve as important employers and taxpayers in their local communities, which are often small and rural,” the report states.

As previously reported, the U.S. accounts for about 40% of the global Bitcoin hashrate. The report highlights that Texas is the largest beneficiary of Bitcoin mining, with an estimated $1.7 billion in annual economic activity and over 12,200 jobs. Major public and private Bitcoin mining companies, such as MARA (NASDAQ: MARA), Riot, Iris Energy, Core Scientific (NASDAQ: CORZ), Hut 8 (NASDAQ: HUT), Cipher Mining, and Bitdeer (NASDAQ: BTDR), have significant power capacities in the Lone Star State.