BTC mining generated $4B, created 31,000 jobs in US: report

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A new study has found that BTC block reward mining created over 31,000 jobs for Americans in 2024 and generated over $4 billion.

The study, conducted by financial analysis firm Perryman Group, was commissioned by the Texas Blockchain Council and the Washington-based advocacy Digital Chamber.

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

The report found that BTC miners generated $10.56 billion in expenditures in the United States, with $4.14 billion in annual gross product in 2024. The miners recorded $2.58 billion in income and created 31,020 jobs, directly and indirectly.

“These enterprises serve as important employers and taxpayers in their local communities, which are often relatively small and rural, as well as providing peripheral benefits to the areas in which they operate,” the report noted.

The report added that the miners’ economic benefits go beyond the direct income they generate. These companies “can help stabilize electric grids due to their flexible power needs.”

However, this flexibility comes at a steep cost for the grid operators and the local communities and has been heavily criticized in some states like Texas, where the grid operator Electric Reliability Council of Texas (ERCOT) has forked out millions of dollars to pay the miners to shut off their equipment. In some instances, the miners can make over $10 million a month for not mining.

A bill at the Texas Senate, which received overwhelming support from the legislators, seeks to cancel the deal ERCOT signed with these miners.

“Firms in the industry are committed to the areas where they are located and to operating in an environmentally responsible manner,” the report further states.

In reality, however, miners have been clashing with locals for years. Today, there are over a dozen lawsuits against miners for noise pollution in American courts. Last October, Texas residents sued Marathon Digital (NASDAQ: MARA) over “intolerably loud noise conditions” from its rigs, which they said has caused serious health conditions for those living near the operations. Greenridge, GMO Internet, and Red Dog have also been sued over similar claims.

Texas remains the U.S. mining capital, accounting for 40% of the country’s mining revenue and over 12,000 new jobs created. With 2,300 jobs and $316 million in revenue, Georgia edged out New York and North Dakota to take second place.

A separate report by AB Bernstein this week revealed that publicly listed American miners had grown their share of the BTC hashrate to 29%, a 50% rise in the past year. It attributed the rise to easy “access to capital, land and power.” Donald Trump’s ascension to power is also expected to boost their prospects.

However, Trump’s aggravated trade wars could soon spell doom for these miners, with some of the biggest ASIC suppliers from China now facing increased scrutiny by the new administration. Sources at major mining firms told Bloomberg on Monday that ASIC exports from Bitmain and some other Chinese suppliers are taking much longer to reach their American clients due to heightened scrutiny by U.S. border authorities.

Watch: Untangling Bitcoin mining at the CoinGeek Weekly Livestream