one american state mines more Bitcoin than entire countries the US produces close to 40% of global hashrate and Texas carries the largest share of it the mechanism is the grid, ERCOT pays large flexible loads to shut off when demand spikes, so miners earn when hashing and earn credits when they stop in august 2023 Riot collected $31.7 million in power credits in a single month, more than it earned mining that month countries compete with subsidies, Texas competes with a price signal