Fact Checked by 
The United States-based Bitcoin (BTC) mining industry has created 31,000 jobs nationwide.
According to a recent study published by crypto advocacy organizations Texas Blockchain Council and The Digital Chamber, the United States Bitcoin mining industry and related activities “generates total economic benefits of more than $4.1 billion in gross product each year.”
The details
A total of 12 states account for most U.S. mining, with Texas seeing the most job creation. According to the data in the report, Texas alone saw “approximately $1.7 billion in gross product and over 12,200 jobs,” with the estimates accounting for multiplier effects such as supporting industries.
The authors of the report also claim that mining supported local energy utility infrastructure by acting as a load-balancing resource for the grid. The report reads:
“The positive effects of the industry extend beyond jobs and ongoing operations. For example, miners can help stabilize electric grids due to their flexible power needs. They also invest in their local communities, providing monetary donations as well as sponsoring events and community initiatives. Many Bitcoin mining companies provide on-the-job training and prioritize a diverse workforce.”
The news follows recent reports that publicly-traded crypto firms dominated the stock market in January, even outpacing the crypto market in terms of market cap increase. J. P. Morgan pointed out in a recent report that crypto firms tracked by the bank saw their market cap grow by 14% in January — reaching a value of $108 billion. The crypto market’s market cap rose by 8% during the same time span.
The developments follow Trump recently signing an executive order to establish a specialist working group to develop digital asset regulation, with a broader aim of stockpiling crypto holdings. The order reads:
“The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our Nation’s international leadership.”
